Trump Files Petition to Pay Lower Taxes on His Washington, D.C. Property
by Sam Reisman | 8:20 pm, June 30th, 2016
Donald Trump has filed a petition in D.C. Superior Court to pay lower taxes on his property in the nation’s capital where he is planning to build a hotel.
According to a report in The Hill, Trump asked “the court to lower the assessed value of the property for the 2015 and 2016 tax years and to direct the District to refund any tax deemed excessive.”
The Old Post Office was built in 1889 and has long been a landmark of the nation’s capital. Trump’s 60-year lease on the property began in 2012.
Trump’s LLC was assessed “possessory interest taxes” of $1.67 million for each of the 2015 and 2016 tax years. The petition argues that DC mis-valued the property when assessing those taxes since the luxury hotel Trump plans to build on the site of the Old Post Office is not yet operational.
“The tax appeal process provided by the District is intended to ensure that while the Old Post Office is being renovated during tax years 2015 and 2016, [the LLC] is taxed only on the market value of its possessory interest in the shell building it is renovating, and not on a fully stabilized and operating hotel that will not even be open to the public until later this year,” an attorney for the LLC said in a statement.
http://www.mediaite.com/online/trump-files-petition-to-pay-lower-taxes-on-his-washington-d-c-property/
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