Whoops! Trump Took Property Tax Break Limited To Those Earning Less Than $500,000

Crains New York has some embarrassing news for Donald Trump. It says New York City property tax records show Trump claimed a property tax break that is limited to homeowners earning less than $500,000 a year. Trump, who claims to be worth more than $10 billion, has denied suggestions he's been withholding the release of his income tax returns because they show him earning less than one would expect a man of his immense wealth to be reporting and paying taxes on.

The STAR tax relief program as it's known only saved Trump $302 on his annual property tax bill of $175,544 on his Manhattan condo, which is valued at $5.2 million for tax assessment purposes. I'm sure his Trump Tower condo would bring several times that amount on the open market. According to Crains, Trump would have been required to supply a copy of his federal tax return to tax authorities to qualify for the measly $302 tax benefit. Trump's campaign manager told Crains the tax benefit was issued to Trump in error. His campaign manager says Trump hasn't claimed the benefit since New York authorities began in 2009 requiring tax return confirmation of income before granting the tax break.

An accounting expert tells Crains it would not be unusual for a wealthy real estate developer to lower his reported annual income substantially by generating losses by accelerating the depreciation rates on properties and using those losses to offset income, including income he earns from non-real estate related activities. The tax expert also said Trump could be taking deductions for expenses related to promoting and maintaining his brand image. Whatever the answer might be it's not the kind of news Trump wants to see at the most critical juncture of the nomination process where the amount the billionaire pays in taxes has already come into question. In a pointed jab at Trump, Crains points to a study that showed 75,000 New Yorkers earn more than $500,000 a year.