It could easily be argued that trophy properties never lost value as evidenced by top prices paid by the mega-rich around the world.
This reassessment is not the usual kind where a County clerk or supervisor made the decision. It rises to the level of top management and the County Assessor himself.
There was a huge corruption scandal in Los Angeles where building owners got assessment reduced in exchange for kickbacks.
I’m not implying that’s the case in San Diego with Romney’s house, but the Assessor could have stood firm and litigate this matter if necessary.
The value of Romney’s house is in the trophy oceanfront location. Romey also got the Coastal Commission to recommend approval of his new mansion which improves the value of the land.
Exactly right, Brian. It would be one thing if he tried to justify a reduction in the same way that everyone else has, and not get ANY special treatment. It’s the sense that he’s getting something that isn’t available to everyone else that has people riled up. And quite frankly, is avoiding taxes/reducing tax revenue the way he proposes to fix the problems with our public debt? Scary, to say the least.
