Cindy McCain's California condo in tax default
Seems no one remembered to pay taxes for the last four years on a beachfront condo in La Jolla owned by Cindy McCain, Newsweek is reporting:
When you're poor, it can be hard to pay the bills. When you're rich, it's hard to keep track of all the bills that need paying. It's a lesson Cindy McCain learned the hard way when NEWSWEEK raised questions about an overdue property-tax bill on a La Jolla, Calif., property owned by a trust she oversees. Mrs. McCain is a beer heiress, with an estimated $100 million fortune and, along with her husband, she owns at least seven properties, including condos in California and Arizona.
Apparently an elderly aunt lives in the condo and the bank that handles the trust didn't receive the tax bills. Soon after the news weekly asked McCain about the tax bill, San Diego county received a $6,744.42 payment. But Newsweek says she owes another $1,742 which, if not paid by July 1, throws the property back into default. The full story in Newsweek is here.
--Veronique de Turenne
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They take advantage of California Prop. 13 which allows them to pay the property tax based on the original purchase price. Somebody found another unit in the same complex that is for sale at 1.3 million and the listed property tax for that unit for 2007 was over $11,000 so obviously Prop 13 is a sweet deal for the McCains.
Posted by: Mike | June 29, 2008 at 12:31 PM
This tax bill seems so low for California. If I were late on my property taxes in CA for 4 years, ?I would owe $20,000. My property was only assessed at 400,000. These numbers just do not seem correct. BTW, July 1st is not here yet, ERGO, not late on taxes...Envy is not a good reason to write such a smear on anyone...
Posted by: TB | June 29, 2008 at 12:46 AM
So this guy is supposed to be put in charge of our nations econonmy and can't even take care of his aunt?
Posted by: Matt | June 29, 2008 at 12:06 AM