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View Diary: SD Tea Party Candidate for Governor Behind on Property Taxes (11 comments)

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  •  Not so fast (0+ / 0-)

    a)  I'll bet his constituency would care a great deal if they knew that the County/City had to reduce services (like schools and hospitals) because he hadn't paid his taxes.  "Your rights end at the tip of my nose" (unknown).  
    b)  The article does not state that he fell behind in his tax payments it states that he has not paid the taxes on 30 pieces of land for two years.  Owning land is not the same as owning an apartment building or other income producing property where the income may fluctuate in a bad economic enviornment.  And, one can be a tax deadbeat in hard times as well as in good times.  This turkey appears to be the typical deadbeat republican who wants something for nothing.  However, I'll bet he'll want representation when he has to go to court.  He'll probably ask for a public defender.  

    •  The way these guys often operate is that (0+ / 0-)

      they have land they are planning to develop, that is not generating income, and properties they have developed, that are generating income. In either case, they're typically leveraged to the hilts, and if something comes along that prevents the development from happening -- boom, the arrangement collapses. Regardless of whether he's renting properties or not, you can bet that he's making full payments on some of this properties, and zero payments on others -- because why expose more properties than necessary to seizure?

      If he hasn't paid taxes on 30 pieces of land, I'll bet he has paid taxes on some others.

      But whatever. He's doing what any sane businessman would do -- stalling. He's stalled as long as he figured was safe, and now he's trying to sell some of the properties to pay the taxes on all of them. If he's lucky, the market will turn up fast enough for him to save some of his holdings. If he's unlucky, he's going to lose it all.

      Though for guys like this, losing it all tends to be a temporary thing. They have the connections to get the loans to start all over again, the next time the business cycle turns around.

      To put the torture behind us is, inevitably, to put it in front of us.

      by UntimelyRippd on Wed Jun 02, 2010 at 04:24:58 PM PDT

      [ Parent ]

      •  That is exactly how they operate (1+ / 0-)
        Recommended by:
        UntimelyRippd

        around here.  The problem is, being a teabagging man of the people, he should be living up to a higher standard than everyone else.  If you're going to balance the budget and not have the state over leverage itself, you need to not overleverage YOURSELF.  Most people around here are saying they wish they had that problem...having enough money to own 30 properties instead of having to look for work or have a minimum wage job that leaves you no hope of ever owning property.

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