San Diego Housing Market News and Analysis
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Submitted by farbet on August 6, 2012 - 1:57pm
LA JOLLA - Presumptive GOP presidential nominee Mitt Romney and his wife, Ann, asked San Diego County for property tax relief after paying cash for their $12 million Mediterranean-style beachfront La Jolla home in 2008, it was reported today.
San Diego County assessor records show the Romneys' asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, maintaining that their home had lost about 45 percent of its value in the first seven months they owned it, according to a Los Angeles Times report.
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 percent, to $8.9 million, the newspaper reported.
The Times reported that the couple filed an appeal for the 2010 tax year, claiming the house had dropped further, to $7.5 million, 38.7 percent less than the home's assessed value. As a result, the Romneys have saved about $109,000 in property taxes over four years, according to The Times.
Romney's wealth is estimated at $250 million. He has rejected calls from Democrats and Republicans to release his income tax returns prior to 2010.
Since the real estate market crashed, about 250,000 San Diego County homes have been reassessed at lower values.
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