Palm Beach County Tax Assessor Slams Trump for Overvaluing Mar-a-Lago
Judge Notes Trump's Inflated Valuation of Resort
Assessor Appraises Property Value Between $18 Million to $276 Million, while Trump Claims It's Worth Up to $612 Million
In a recent ruling, a Palm Beach County judge has criticized former President Donald Trump for overvaluing his Mar-a-Lago resort for tax purposes.
According to court documents, the Palm Beach County assessor had appraised Mar-a-Lago's market value to be between $18 million and $276 million. However, Trump claimed the property was worth between $426.5 million and $612 million, an overvaluation of at least $230 million.
The county currently values Mar-a-Lago at $37 million for taxation purposes, based on its annual net operating income as a club, not on its resale value.
According to Forbes' latest evaluation of the property in March, Mar-a-Lago is worth $350 million. In last year's tax rolls, Mar-a-Lago was assigned a total market value of $276 million. Although the 2022 rolls haven't been finalized, the property's value is expected to remain similar.
The judge's ruling highlights the importance of accurate property valuations for tax purposes. Overvaluing a property can lead to higher property taxes, while undervaluing it can result in lost tax revenue for the county.
The case is a reminder that even former presidents are not above the law when it comes to paying their fair share of taxes.
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