The LA Times details how Mitt Romney’s personal lobbyist was able to have the Romney beach home devalued enough to save the Romneys over $100 thousand in taxes.
After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief. […]
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.
As a result, the Romneys have saved about $109,000 in property taxes over four years.
The Romney’s devalued their home every single year since they bought it in 2008, saving themselves over $100 thousand in taxes.
Home values did plummet during the recession, but the Romneys also recently demolished their devalued home to build one four times larger on the same plot of land. Their plan to do this became famous after it was revealed that the new home would include a car-elevator.
Given the lengths Romney has gone to pay as few taxes as possible, such as placing under-valued stock garnered from low-balled corporate buyouts into an IRA to avoid taxes on them, would it really be a shock if you learned he paid no income taxes for 10 years?
According to the LA Times, questions about the Romney’s La Jolla property were directed to their personal lobbyist.
The Romney campaign referred all questions about their La Jolla property taxes to Matthew A. Peterson, a lobbyist and attorney who helped the Romneys find the home. He has also guided them through the complex permit process for demolishing the home and rebuilding on the site.
Regular Joe Mitt.