Politics & Government
Romneys Ask San Diego County Assessor for Tax Relief
The presidential candidate and his wife asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, according to a news report.
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.
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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.
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Since the real estate market crashed, about 250,000 San Diego County homes have been reassessed at lower values.
-City News Service
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