Romneys, caught in housing bust, got tax cut in La Jolla

[pickel]

Romneys, caught in housing bust, got property tax cut in La Jolla - Los Angeles Times

After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

Romney, the presumptive GOP nominee for president whose wealth is estimated at $250 million, has rejected calls from Democrats and Republicans to release his income tax returns prior to 2010. But San Diego County assessor records shed light on one sliver of the couple's personal taxes during that time: a months-long effort to reduce their annual property tax bill.

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.


Wish I could get some tax relief. Hell, they assessed my house where I received a 50 % increase in MY Taxes.

What a crook !!!!!!!!!!!!!!!!!!!!!!!

[Steve R Jones]

YOU can get relief if you try....just like the rest of us can.

Since this all legal - not sure why its news.

[pickel]

YOU can get relief if you try....just like the rest of us can.

Since this all legal - not sure why its news.

Explain

NOT in Hinds County !!!!!!!!!!!!!

[mad1]

Explain

NOT in Hinds County !!!!!!!!!!!!!

Anyone can challenge the tax assessment on a home, this is not something new. I did it last tax season and my property taxes were reduced.

[Steve R Jones]

Ditto.

[Epidemic]

Romneys, caught in housing bust, got property tax cut in La Jolla - Los Angeles Times

After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

Romney, the presumptive GOP nominee for president whose wealth is estimated at $250 million, has rejected calls from Democrats and Republicans to release his income tax returns prior to 2010. But San Diego County assessor records shed light on one sliver of the couple's personal taxes during that time: a months-long effort to reduce their annual property tax bill.

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.


Wish I could get some tax relief. Hell, they assessed my house where I received a 50 % increase in MY Taxes.

What a crook !!!!!!!!!!!!!!!!!!!!!!!

Didn't his home lose value over the time period in question? Why should he pay more than 284,000 dollars in taxes on a house that is only worth 174,000 in taxes?

Is it against the law to challenge an assessment? Especially if houses are not going for what the state claims they are?

[tony_j15]

I'm not seeing anything wrong here either. The man bought a house, the market went south, he asked that the property be re-evaluated. Sounds legit.

[tony_j15]

Double-post. See above.