Ha. That's what you get for reading the Post. No one lists, much less sells a home for its assessed value. Otherwise, the value of every piece of real property in the country would be set by the government.
If your home is assessed at $1,000.00 and you want to list it for $1,000,000.00 and someone wants to buy it, that's a private contract entered into by two private parties.
If you list your 2,000 sq ft home as 6,000 sq ft in order to artificially inflate its value in order to affect the terms of a bank loan, that's fraud.
Meanwhile, the owners of all those 2,000 sq ft $1,000. homes in your neighborhood just woke up rich.
The crazypants sites have been trying to do a Gotcha! on Jon because he sold a property in NYC for more than its assessed value. Because he didn't run to the assessor as soon as he saw a tax bill with the lower number (if he even did- most tax bills go to the bank) and say, "Oh no, that's wrong! It's worth much more!" Defs the same as outright lying on a bank application!
What Stewart did not do is go to a bank and lie on his loan application forms that it was worth 5x what it could reasonably be appraised at because he's "John Fucking Stewart" and his "brand" automatically comes with that big a premium so give him money. That's a wee bit of difference.
You really don’t know what something’s worth until it’s actually sold.
This is why accounting principles have assets listed at the purchase price until sold.
But people can have a pretty good idea of how much something’s worth if there are comparable assets regularly traded or, in the case of stocks, the price is publicly available as it is constantly bought and sold.
And cities seem to be okay with their assessed values being less than market value, because, as noted above, market values can vary.
having worked in real estate (in South Carolina, in Wisconsin, in Montana) for over 20 years - it's pretty common that the tax assessment of a property will be less than what you can sell the property for. Market values change; tax assessments are not done every day.
That makes sense, though we have a super weird system for this In California. Properties aren't reassessed for tax purposes until they are sold, and the property taxes correspond to that initial assessment at time of purchase. Someone who bought their house for $150k in the 1970s that is now worth $2 million still pays property taxes on the $150k. It's good in the sense that older people on fixed income aren't priced out their house, but It's a significant part of why we have a housing crisis — no one wants to sell, give up their sweet low property tax rate, and then get reassessed at the current market rate of the new house. It also provides a handy loophole for commercial property wherein using shell companies or whatever, you can make it work so that it looks like ownership isn't really changing hands for tax purposes — even though it is in reality.
(Caveat: I'm not in real estate and I don't know how this works practically day-to-day, I'm guessing its just re-assessed when it is put on the market and then taxed accordingly. However, whoever buys it will also lock in that assessed value for tax reasons and it could of course increase in market value during their ownership. It's a weird system.)
I was surprised, bo! But I'm chuckling now. (I just watched a horrible documentary about a woman who beats her husband all the time and really injures him. I can't believe it-- It's called My Wife My Abuser. I think that's it. And their little children were there and their big soft dog, while she screamed and pummeled him. Well I do hope I've cheered you up!
I was riding around downtown today, and saw a middle aged black man driving around in an extremely cool car. He had the top down and was singing along to the radio. He looked so happy.
I keep thinking about that car, because it was way cool, so I Googled "1951 convertible American cars." It was either a Mercury or a Hudson. It was extremely aerodynamic, and he had a killer paint job on it.
ETA: If you're wondering how I knew it was a 1951 car, the license plate said "Sweet 51."
so, apparently, I'm not going to fall asleep as normal tonight.
Brane is doing it's "we need to process shit" thang.
Part of that is how I grew up.
Mom's garden fed us, along with the cow and several pigs and flock of chickens that were part of my Dad's salary. I'm not joking- this is what I grew up with.
Dad was the pastor for a small church, they didn't have much money to pay him, but they did have some other ways to make it work out.
And that is one of those things that has stuck with me, cause it's not about the money, it's about what you have to offer, what skills you bring, what you can do with what you have.
I have the stories that my grandparents told, that while not quite first generation homesteaders, they were second generation, doing it in the depths of the Depression, making do with what they had.
It's supposed to be spring, and I have this urge to start planning the garden.
And I'm 1000 miles from where that garden is going to be planted.
It's still early. When will you be able to plant there?
We love to garden and have put in some new strawberry plants and moved the old ones to pots. Some lettuce and herb plants in and a few peas and spinach starts that the grandson helped plant are hardening in pots.
But something about your story says that there are people that you love and miss and gardening is a connection to them that you want right now.
You carry treasure with you. Those good memories are a treasure, and those heirloom tomatoes were treasured by everyone who carried them and eventually put them in your mom's hands and now they travel with you to a new garden. So cool.
My favorite part of the tomato story is the part where tomatoes and potatoes are indigenous to the western hemisphere, so European cooking was all about turnips until Columbus made his way back home, and here we are with European strains passed back down as treasure to the people who crossed the Atlantic again.
John really should respond to this: https://nypost.com/2024/03/27/real-estate/jon-stewart-found-to-have-overvalued-his-nyc-home-by-829/
I want to believe its not true.
Ha. That's what you get for reading the Post. No one lists, much less sells a home for its assessed value. Otherwise, the value of every piece of real property in the country would be set by the government.
If your home is assessed at $1,000.00 and you want to list it for $1,000,000.00 and someone wants to buy it, that's a private contract entered into by two private parties.
If you list your 2,000 sq ft home as 6,000 sq ft in order to artificially inflate its value in order to affect the terms of a bank loan, that's fraud.
Meanwhile, the owners of all those 2,000 sq ft $1,000. homes in your neighborhood just woke up rich.
Way to read the room, Mr. Wonderful!
He should learn Arabic. It's a beautiful language with a strikingly lovely writing system that I have repeatedly tried and failed to learn.
Kevin O'Leary is half-Arab.
Kevin O'Leary is half-Arab.
"Real estate investors commit fraud on the regular!"
Gee it sure seems like maybe that isn't how things should be..
Finally got around to watching the clip and it is 🔥. Def a return to form.
Swim with sharks in Dubai?
Sure!
Right after my 2 month Siberian vacation...
The crazypants sites have been trying to do a Gotcha! on Jon because he sold a property in NYC for more than its assessed value. Because he didn't run to the assessor as soon as he saw a tax bill with the lower number (if he even did- most tax bills go to the bank) and say, "Oh no, that's wrong! It's worth much more!" Defs the same as outright lying on a bank application!
What Stewart did not do is go to a bank and lie on his loan application forms that it was worth 5x what it could reasonably be appraised at because he's "John Fucking Stewart" and his "brand" automatically comes with that big a premium so give him money. That's a wee bit of difference.
You really don’t know what something’s worth until it’s actually sold.
This is why accounting principles have assets listed at the purchase price until sold.
But people can have a pretty good idea of how much something’s worth if there are comparable assets regularly traded or, in the case of stocks, the price is publicly available as it is constantly bought and sold.
And cities seem to be okay with their assessed values being less than market value, because, as noted above, market values can vary.
Assets can also be worth less, if, say, you have to quickly sell them. /s
having worked in real estate (in South Carolina, in Wisconsin, in Montana) for over 20 years - it's pretty common that the tax assessment of a property will be less than what you can sell the property for. Market values change; tax assessments are not done every day.
That makes sense, though we have a super weird system for this In California. Properties aren't reassessed for tax purposes until they are sold, and the property taxes correspond to that initial assessment at time of purchase. Someone who bought their house for $150k in the 1970s that is now worth $2 million still pays property taxes on the $150k. It's good in the sense that older people on fixed income aren't priced out their house, but It's a significant part of why we have a housing crisis — no one wants to sell, give up their sweet low property tax rate, and then get reassessed at the current market rate of the new house. It also provides a handy loophole for commercial property wherein using shell companies or whatever, you can make it work so that it looks like ownership isn't really changing hands for tax purposes — even though it is in reality.
(Caveat: I'm not in real estate and I don't know how this works practically day-to-day, I'm guessing its just re-assessed when it is put on the market and then taxed accordingly. However, whoever buys it will also lock in that assessed value for tax reasons and it could of course increase in market value during their ownership. It's a weird system.)
I was surprised, bo! But I'm chuckling now. (I just watched a horrible documentary about a woman who beats her husband all the time and really injures him. I can't believe it-- It's called My Wife My Abuser. I think that's it. And their little children were there and their big soft dog, while she screamed and pummeled him. Well I do hope I've cheered you up!
“Ukraine never would have never been attacked if I was president. And you wouldn’t have inflation if I was president.”
“[Engoron] is a fraudulent valuator.”
“The raided my house Mar a Lago.. no notice no nothing”
“You can’t have elections in the middle of a political season.”
“Joe Biden has let this country go to hell.”
He seems chill.
https://www.c-span.org/video/?534492-1/president-trump-remarks-court-ruling
He's going through some things.
Ravings of a madman
https://www.youtube.com/watch?v=3G84iG3Ny3o
When Canada Rules the World
The movie is over if you'd like to join us there for OT.
Ok👋
I was riding around downtown today, and saw a middle aged black man driving around in an extremely cool car. He had the top down and was singing along to the radio. He looked so happy.
I keep thinking about that car, because it was way cool, so I Googled "1951 convertible American cars." It was either a Mercury or a Hudson. It was extremely aerodynamic, and he had a killer paint job on it.
ETA: If you're wondering how I knew it was a 1951 car, the license plate said "Sweet 51."
When the sun is going down behind the mountain, but still lighting up the cloud above it with flaming orange.
This was a good one tonight. I just got off the gg bridge. It was great looking east and west both.
so, apparently, I'm not going to fall asleep as normal tonight.
Brane is doing it's "we need to process shit" thang.
Part of that is how I grew up.
Mom's garden fed us, along with the cow and several pigs and flock of chickens that were part of my Dad's salary. I'm not joking- this is what I grew up with.
Dad was the pastor for a small church, they didn't have much money to pay him, but they did have some other ways to make it work out.
And that is one of those things that has stuck with me, cause it's not about the money, it's about what you have to offer, what skills you bring, what you can do with what you have.
I have the stories that my grandparents told, that while not quite first generation homesteaders, they were second generation, doing it in the depths of the Depression, making do with what they had.
It's supposed to be spring, and I have this urge to start planning the garden.
And I'm 1000 miles from where that garden is going to be planted.
It's still early. When will you be able to plant there?
We love to garden and have put in some new strawberry plants and moved the old ones to pots. Some lettuce and herb plants in and a few peas and spinach starts that the grandson helped plant are hardening in pots.
But something about your story says that there are people that you love and miss and gardening is a connection to them that you want right now.
You could start seeds, although moving them to IL would be a pain. Maybe just sketch out a garden plan?
I've got the heirloom stuff from Mom's garden moved down there.
This is the second spring I haven't had Mom's garden to work with, and I'm feeling it tonight, for some reason.
You carry treasure with you. Those good memories are a treasure, and those heirloom tomatoes were treasured by everyone who carried them and eventually put them in your mom's hands and now they travel with you to a new garden. So cool.
My favorite part of the tomato story is the part where tomatoes and potatoes are indigenous to the western hemisphere, so European cooking was all about turnips until Columbus made his way back home, and here we are with European strains passed back down as treasure to the people who crossed the Atlantic again.