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

[LynneSin]

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


http://www.latimes.com/news/nationworld/nation/la-na-romney-property-tax-20120806,0,4428951,full.story

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.

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.

[BeyondGeography]

1. Helps pay for Rafalca

[dixiegrrrrl]

2. So, weathly and cheap, at the same time.

Altho I cannot argue against decreased property values in Ca.
and 2008 was a bad time to buy a house at that price.
Hell of a tax deduction tho.
Hown many houses is that now, that they own?

[nichomachus]

3. High-price homes are holding their value

Especially those with expansive waterfront property. The ultra-wealthy are still willing to pay. I live in an area with a high proportion of expensive homes. They are still going for big bucks. It's the overpriced tract homes that are losing value. In fact, the local real estate agents revel in the fact that the "average price" is staying the same, but they fail to note that the Romney types are willing to pay $12 to $15 million for a home. Pocket change to them.