Mcain's Malibu home in tax default?

[YEM]

LoL.


Oooops.






McCains Failed To Pay Taxes On California Home For Four Years, Newsweek To Report


The Huffington Post | June 28, 2008 07:16 PM
Read More: Cindy McCain, Cindy Mccain Taxes, John McCain, Mccain Failed To Pay Taxes, Mccain Failed To Pay Taxes For Four Years, Mccain Home La Jolla, Mccain La Jolla, M
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Newsweek is set to publish a highly embarrassing report on Sen. John McCain, revealing that the McCains have failed to pay taxes on their beach-front home in La Jolla, California, for the last four years and are currently in default, The Huffington Post has learned.

Under California law, once a residential property is in default for five years, it can be sold at a tax sale to recover the unpaid taxes for the taxpayers.

The McCains own at least seven homes through a variety of trusts and corporations controlled by Cindy McCain.

McCain campaign scrambling... Developing...

[PM7nj]

1. BWAHAHA!

OMG, that is too good.

[muntrv]

2. But...but....McCain is not an elitist!

:sarcasm: :sarcasm:

[Andy823]

3. I think

Owning 7 homes makes them "super" elitists!

[itsrobert]

4. I need a house. Can someone spare a couple million

so I can buy it and make fun of the McCains?

[TahitiNut]

5. Malibu is a long way from La Jolla (138 mi – about 2 hours 25 mins)

Malibu is somewhat west of Los Angeles and La Jolla is somewhat north of San Diego. :shrug:

http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=La+Jolla,+CA&daddr=Malibu,+CA&sll=34.03619,-118.68957&sspn=0.731738,0.917358&ie=UTF8&z=9

[panAmerican]

6. Link, please?

[havocmom]

8. says right on there: huffington post

:shrug:

even a cool google earth screen shot of the 'hood

http://www.huffingtonpost.com/

[Tangerine LaBamba]

9. Here ya go ........

http://www.newsweek.com/id/143775/output/print

[havocmom]

7. Taxes (like legitimate prescriptions) are for the 'little people'

I don't think Leona had much on Cindy. ;)

[bunkerbuster1]

10. Must be nice to have so many properties you can just forget about one like that.

It'd be a real shame if voters got the impression that McCain's so freekin' rich that he really doesn't have a care in the world, huh?

[Indenturedebtor]

11. Yes I don't see how this can end well for McPoopypants

Here's to you Bushy Clone!

:rofl: :rofl: :rofl:

THEY"RE ALL GONNA LAUGH AT YOU!!!!!!!!!!1111111111111111

[sellitman]

12. Isn't it a criminal offense?

[malaise]

17. Not when the criminals are in charge

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3537224

[kestrel91316]

13. Well, for starters, La Jolla is nowhere near Malibu. They are both

on the coast in So CA, but that's it. CA is a big state.

[babylonsister]

14. It must stink to have so much money you forget stuff like this. nt

[struggle4progress]

15. Maverick. noun. A tax cheat with seven homes

[haele]

16. Makes one wonder about his (and /or her) ability to pick qualified advisers or managers -

The trust fund operators that handled that property didn't have an escrow account to pay for taxes, insurance and maintenance?

:wtf:

And they owe a little over $6K for 4 years? That tells me that the property is Prop 13'ed - it's been with that trust for long enough that the average tax rate is set at, according to that article, $1745 a year - which is a little less than what I paid El Cajon/San Diego County when I owed a 1000sq ft $120K house back in the 90's before my disability. I figure they probably bought back in the late 80's/early 90's for that little tax assessment on a condo in that area. It's a mixed neighborhood there, a lot of "summer/winter homes" and short-term rentals for higher ranked aviator military (Miramar Air Base) and UCSD guests as well as retirees and professional-class small families. (I helped a friend of mine who was $14 an hour non-teaching staff at UCSD look for a condo, and this area was one of the areas she was looking at...in 1990 the average condo there was between $75K and $100K; just a little on the high side for her income)

And the trust does not belonged to the resident "elderly aunt" if the county tax assesser is identifying Cindy and John McCain as the owners of record.

BTW, La Jolla is a good 150 miles from Malibu. This is rather like saying it's a Boston residence when it's really Long Island.

Haele

[lonestarnot]

18. OMG THEY DON'T PAY THEIR FUCKING TAXES!

LOL :rofl:

[stillcool]

19. Isn't Wesley Snipes in jail for that?

[lonestarnot]

20. Yes he is!

[CanonRay]

21. Yes, but you'll note the color difference between Mr. McCain and Mr. Snipes

[dems_rightnow]

23. There's a WORLD of difference

between what Snipes did, and what McCain did. And the remedies are completely different.

Eddie Ray Kahn, who is very white, was convicted as a co-defendant. Sometimes it's not about race. If Snipes was targeted for more punishment, it's because he's rich and famous, not because he's black.

[haele]

22. Mr. Snipes is in for income tax evasion -

Property taxes, they just take your property and auction it off for the outstanding taxes if you don't "make the effort", not send you to jail. And I think there's a amount cutoff between "garnishment" or leinholding for back taxes(and the IRS could easily garnish his senate wages to pay for any back taxes without dragging it throught the courts) and the perp walk.

Of course, I don't know how the County treats lower income or "minority owner" lower income owners. But still, when you look at the worth of the condo and the owed taxes, there's no payment other than perhaps insurance on that property, and hasn't been for a long time. According to REO forclosure sites, most tax auctions nowdays start around $15K for very small houses or condos, which rather of indicate estate forclosures where there are no heirs or leins to pay the taxes.

The question I would have is why did they stop paying taxes? The Tax Assessor for the county mentioned in the article has been there since the early 90's at least - and his office has been computerized for at least just as long.
How could they suddenly "change" the mailing address for Mr. McCain in the past 5 years? I can't see where the "billing error" was on the County's Assessment board, especially since there's been no radical change in the financial or working status of either party, the owner's or the assessor's, since easily back to the time the property was purchased.

The average tax assessment for a home bought for $500K will be a little over $7K a year; figure around $1.5K per $100K spent. Prop 13, enacted back in the early 70's, ensured that unless any property had been re-assessed going through the county via sale, gifting, or some sort of upgrade measure, say, a property upgrade, lein, or mortgage refinance, the taxes don't go up. Four years ago, in 2003, the McCains or their trust managers stopped paying the property tax on a property Ms. McCain had purchased for a price that guarenteed a tax assesesment of $1745 a year - back in the at least the early/mid 90's. Even if they bought it at a 5 year mortgage, the taxes and insurance - and homeowner fees - will need to be paid through an account vehicle somehow.

BTW, they also have two residences in Coronado, a condo and one of the nice 1920's ear former officer's bungelows near the base that all the retired flag officers used to buy up in the 60's when Navy Housing had it's first upgrade in the County. (so I think the latter was probably his through his family)

Haele

[dems_rightnow]

24. I'm thinking

it would be great to be able to afford so many houses that you can forget to pay the taxes on one, and it doesn't register with you. Oh, the myriad of problems that come with being super wealthy!

Yet, I'd volunteer to take on that additional burden.

[OmmmSweetOmmm]

25. The beauty is that all of his "elitest" properties will come into question! Didn't Tricky Dick live

in La Jolla?