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Wednesday, August 8, 2012

Mitt Romney's La Jolla Property Tax Cut

L.A. Times, Romneys, Caught in Housing Bust, Got Tax Cut in La Jolla:

Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief....

Initially, the Romneys asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, maintaining that their home had lost about 45% of its value in the first seven months they owned it.

Thirteen months later, after hiring an attorney to guide them, the Romneys filed an amended appeal, contending the home had suffered a less-dramatic fall of 27.3%, to $8.9 million.

They also filed an appeal for the 2010 tax year, claiming the house had dropped further, to $7.5 million, 38.7% less than the home's assessed value.

As a result, the Romneys have saved about $109,000 in property taxes over four years.

http://taxprof.typepad.com/taxprof_blog/2012/08/mitt-romneys-.html

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Comments

This isn't exactly correct. Romney did ask for a cut in his property taxes, but he wants to pay for that by raising the property taxes on his servants and workers making minimum wage. If that's not true, then let him prove it.

Posted by: Woody | Aug 8, 2012 8:28:26 AM

Mitt sounds like a smart taxpayer. Good for him for not overpaying.

Posted by: Lt. Dangle | Aug 8, 2012 8:59:36 AM

If you are attorney to wealthy clients in California and have not examined whether to file a Decline in Value appeal, you're doing a bad job. This shows that Romney hires smart people.

Posted by: Yo Gabba Gabba | Aug 8, 2012 3:21:06 PM