Tax officials reduce Trump's tax bill on D.C. hotel by nearly $1 million [View all]
Source: Washington Post
Tax officials reduce Trump’s tax bill on D.C. hotel by nearly $1 million
By Jonathan O'Connell January 12 at 4:26 PM
President Trump’s D.C. hotel received a $53.6 million reduction in its 2018 assessment from the District of Columbia tax office, saving his company nearly $1 million. ... The District tax office initially valued the Trump International Hotel, in the federally owned Old Post Office building, at $163,587,412, according to a Jan. 12 written agreement.
D.C. assesses property two years ahead of when it is taxed, meaning the 2018 bill is based on an assessment of the building from 2016, the year it opened.
Apparently the hotel did not debut as strongly as tax officials initially expected however, because after receiving additional information from the Trump Organization, the office agreed to reduce the assessment to $110 million, 32.7 percent less. ... The change will reduce the property’s 2018 tax bill from $3,020,367 to $2,029,000, for a savings of $991,367.
Because the Trump Organization does not own the building — it leases the property from the General Services Administration — the company is responsible for paying possessory interest taxes, a stand-in for property taxes applied to businesses on public land.
Read more: https://www.washingtonpost.com/news/business/wp/2018/01/12/tax-officials-reduce-trumps-tax-bill-on-d-c-hotel-by-nearly-1-million/
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