Besides several past bankruptcies, more evidence that Donald J. Trump is not the great business person he claims to be. In 2015 Nevada government records show that Donald Trump property value in Nevada was reduced by several times its prior value. Trump Ruffin opened in March 31, 2008. Eight years later the value has severely dropped. If you spend $1.2 Billion to build a hotel but today it has only a property value of $8 million I wouldn’t consider Donald Trump a great business person. Donald Trump claims he’s a successful billionaire but he won’t show us his taxes. Nevada records provide more evidence that Trump isn’t as rich as he said.
“Generally speaking, taxable value of real property is the market value of the land and the current replacement cost of improvements less statutory depreciation…
The Assessor is required by Nevada law to assess all property every year. The Assessor is required by law to assess all real property at current value, which is represented by the replacement cost of the improvement less depreciation and market value of the land. Nevada Administrative Code requires the Nevada Assessors to use Marshall & Swift Building Cost Service to determine improvement replacement costs, minus depreciation. The land is then appraised at market value. Marshall & Swift costs are updated each year to reflect current building costs.”http://www.clarkcountynv.gov/assessor/Pages/RealProperty.aspx
Unlike a car that depreciates when you drive it off the lot, land has a better chance of holding or increasing its value. In-spite the investments we would assume large corporation would make on its properties, Donald Trump property has severely depreciate in 8 years.
In 2015 property once assessed at a tax value of $165,258,991 drop to $45,305,681 due to an appeal. That $45,305,681 in tax value would be further reduced by the county board to $24,950,000 with an overall assessed value of $8,732,500.
In April 2002, Phil Ruffin announced that he had partnered with Donald Trump to build Trump Tower Las Vegas, a $300 million 60-story condominium tower with 300 units and the possibility of a casino, to be constructed on Fashion Show Drive, near Ruffin’s New Frontier Hotel and Casino. Trump had initially approached Ruffin two years earlier about developing a property on or near the Las Vegas Strip. Construction on Trump Tower Las Vegas was to begin in six to seven months, and was expected to last approximately 18 months. In August 2003, Ruffin said the tower had been decreased to 43 stories and was expected to cost $272 million.https://en.wikipedia.org/wiki/Trump_Hotel_Las_Vegas
By April 2005, a second, identical 64-story tower was being planned, due to popular demand. Sales of the second tower were planned to begin by the end of 2005, with a 35 percent increase in prices from the first tower. In November 2005, the second tower was planned to open sometime in 2009.
In April 2007, the second tower was the subject of an episode of The Apprentice in which the show’s candidates were tasked with creating a marketing program for the new tower. Condo units for the tower went on sale the next day. Trump said the tower would be nearly identical to the first tower, and would also include 1,282 units. Because of rising construction expenses, the second tower was expected to cost $625 million, which would have brought the total cost of Trump International Hotel and Tower to $1.1 billion. This number was later reported to be $1.2 billion in February 2008, at which point the second tower was expected to begin construction at the end of the year. https://en.wikipedia.org/wiki/Trump_Hotel_Las_Vegas