Anyone who owns a home probably paid a different price for their house than the government assessed for the purposes of land tax.
That isn't fraud, it's just how it is. You don't pay the city for your house, you pay the current owner, and the current owner accepts market rate, not the price the government has deemed your house worth.
We aren't yet living in a soviet utopia, so when the government says your property is worth one value, that isn't the actual price. The actual price is based on what the current owner is willing to take and what you are willing to pay. Then you go to the bank (you know, the ones with billions of dollars and entire buildings filled with risk assessment people), and they look at your property and say "ok, the amount you're asking us for is about right" and then they lend you the money.
I strongly doubt that Jon Stewart, if he has a mortgage, paid the city assessment for his property. He probably, like the rest of us, paid the market rate which was probably quite different. I wonder if he'd be willing to be fined millions of dollars for his "fraud"?
That isn't fraud, it's just how it is. You don't pay the city for your house, you pay the current owner, and the current owner accepts market rate, not the price the government has deemed your house worth.
We aren't yet living in a soviet utopia, so when the government says your property is worth one value, that isn't the actual price. The actual price is based on what the current owner is willing to take and what you are willing to pay. Then you go to the bank (you know, the ones with billions of dollars and entire buildings filled with risk assessment people), and they look at your property and say "ok, the amount you're asking us for is about right" and then they lend you the money.
I strongly doubt that Jon Stewart, if he has a mortgage, paid the city assessment for his property. He probably, like the rest of us, paid the market rate which was probably quite different. I wonder if he'd be willing to be fined millions of dollars for his "fraud"?
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In california, house sell at fair market value. They are assessed at fair value. They are not the same. Assessment also separates the land value from the improvement value.