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Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

lwf said:
In what way?
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If the house is undervalued for taxes then that's less property tax, and property tax is how schools are funded.
 
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Opossum said:
Cope. What he did was actually worse, because it actually caused harm, where what Trump did caused no harm and the banks actually made money off of it.
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🤣 🤣 🤣 🤣
 
Napoleon said:
The judge is completely off the rails. Market value and tax appraised value have always relied on starkly different assumptions. The tax appraiser doesn’t care that Marilyn Monroe once took a dump in the joint. But the Real Estate agent knows that there are people who will pay a premium for that association and value the property accordingly. According to the judge, that is fraud.
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How does market value and tax appraised value account for Trump claiming his penthouse size was 3x larger than it really was?
 
lwf said:
Of course they did. Lying about the square footage of your property has always been fraud. You don't get to "fudge the numbers" on official documents just because you think your property is worth more than the market value.
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You’re missing the forest for the trees. According to the judge on page 77 of his decision - any representation of value above 10% and certainly above 50% of tax appraised value is materially false and fraudulent. It doesn’t matter how you get there. He also goes so far as to imply that there is only one legal way to value a property being the method used by tax appraisers. Every other method is fraud. No real estate agent has ever considered that to be true.
 
Geoist said:
How does market value and tax appraised value account for Trump claiming his penthouse size was 3x larger than it really was?
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they don't know about that. fox doesn't report it.
 
Napoleon said:
You’re missing the forest for the trees. According to the judge on page 77 of his decision - any representation of value above 10% and certainly above 50% of tax appraised value is materially false and fraudulent. It doesn’t matter how you get there. No real estate agent has ever considered that to be true.
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Do you have a link? Because it certainly matters how you get there.
 
Napoleon said:
See post 131. According to Judge Engoron, the baseline is tax appraised value and any representation of value above 10% of that and certainly above 50% of that is materially false and fraudulent. We’ve been saying all along how profoundly stupid that is, but you guys are just now catching up.
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He deemed it material when being used as a means of obtaining a loan. Material only means germane to the case it does not mean in and of itself it is illegal.
 
Callen said:
He deemed it material when being used as a means of obtaining a loan. Material only means germane to the case it does not mean in and of itself it is illegal.
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He didn’t use qualifiers.
 
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Napoleon said:
You’re missing the forest for the trees. According to the judge on page 77 of his decision - any representation of value above 10% and certainly above 50% of tax appraised value is materially false and fraudulent.
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From what I read, the judge said it is material, not that it was outright fraudulent. He stated that there is an art to real estate assessments, but there are aspects to it that are science and you dont get the same wiggle room with the science. More specifically, you can't say your penthouse is 3 FREAKIN TIMES its actual size!
 
BlueTex said:
If I lie about the source of funds for a down payment on the mortgage is that mortgage fraud? Why does anyone care where the funds originated?
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Some do care and consider it fraud. My old bank wouldn't write a loan if the downpayment was a loan from another institution. Don't know what that means to the State, but it is fraud to claim the downpayment is my cash when it isn't.... ✌️
 
The NY Post is owned by fauxcorp.
 
Napoleon said:
Yes, the citations I provided from and link to the decision in post 131.
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Thank you. That literally says that it matters how you get there. It isn't the mere fact that the appraisal was too high, the problem is that getting there was based on fraud. You can't fudge the numbers in order to get a higher appraisal.
 
Geoist said:
From what I read, the judge said it is material, not that it was outright fraudulent. He stated that there is an art to real estate assessments, but there are aspects to it that are science and you dont get the same wiggle room with the science. More specifically, you can't say your penthouse is 3 FREAKIN TIMES its actual size!
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That was his judgement of what a materially false and fraudulent financial statement is in the context of real estate valuation. According to him, any representation of value that is 10% higher and certainly 50% higher than the tax appraised value is materially false and fraudulent. And any method of assessing value that relies on starkly different assumptions than how tax appraisals are conducted is deceitful and fraudulent.
 
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Napoleon said:
That was his judgement of what a materially false and fraudulent financial statement is in the context of real estate valuation. According to him, any representation of value that is 10% higher and certainly 50% higher than the tax appraised value is materially false and fraudulent. And any method of assessing value that relies on starkly different assumptions than how tax appraisals are conducted is deceitful and fraudulent.
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You are putting words in his mouth. He said material.

This is why we demand quotes/sources from you rightwingers because you all have no problem misrepresenting what people say/do.
 
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Napoleon said:
That was his judgement of what a materially false and fraudulent financial statement is in the context of real estate valuation. According to him, any representation of value that is 10% higher and certainly 50% higher than the tax appraised value is materially false and fraudulent. And any method of assessing value that relies on starkly different assumptions than how tax appraisals are conducted is deceitful and fraudulent.
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No, that's incorrect. He specifically stated that it isn't based on the degree of discrepancy. It is based on whether or not fraudulent statements were made to get there. The discrepancy is just cause for investigation.

Why would any judge rule that a valuation over tax appraised value is automatically fraud?
 
I forgot a very important fact. I bought that quarter section for 94,000 and now it's worth easily 400,000. It isn't fraud to profit from the increase in value. It isn't fraud if that rural land is now much closer to town as suburban creep has brought 'civilization' to my doorstep and now speculators see a profit in yet another 'community' being created and quite willing to pay more than it's worth as farmland.... :unsure:
MAGA is desperate as the Combover and Gym epic fails are showing in Congress. But this is ignorance at it's worse... ✌️
 
lwf said:
Geoist said:
You are putting words in his mouth. He said material.

This is why we demand quotes/sources from you rightwingers because you all have no problem misrepresenting what people say/do.
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I already cited and linked it in post 131. The section is the judge defining what a materially false and fraudulent financial statement is in the context of real estate valuation in addition to his determination that there can only be one set of assumptions used to appraise a property, those used by tax appraisers since that is the baseline he uses in this case.
 
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Napoleon said:
I already cited and linked it in post 131. The section is the judge defining what a materially false and fraudulent financial statement is.
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I know you provided the source once we demanded it. And you still misrepresent what he said. Classic gaslighting tactics.
 
Napoleon said:
I already cited and linked it in post 131. The section is the judge defining what a materially false and fraudulent financial statement is.
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sure, but you have misunderstood and/or mischaracterized what was said

e.g. deciding to say that material = materially false
 
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