WASHINGTON (AP) — A watchdog group has filed a complaint against Illinois Republican Rep. Aaron Schock over his home sale to a campaign donor.
According to the liberal website Blue Nation Review, Schock sold his home to an executive at Caterpillar, Inc., in 2012 for more than three times its assessed value. Caterpillar is headquartered in Schock’s district and the executive had donated to Schock, the website said.
Citizens for Responsibility and Ethics in Washington said the Office of Congressional Ethics should investigate whether the sale violated federal law and House rules.
Schock’s spokesman did not respond to a reporter’s request for comment. The congressman has said the price was in line with other nearby properties.
Schock has also faced questions over his lavish office decor, and an aide who posted racially charged comments. The aide resigned.
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Schock’s terrible, no good, very bad week simply won’t end, will it?
Pass the popcorn, please.
I have no idea if the sale was legit or not, but I wouldn’t read too much into the “three times its assessed value.” Tax assessments often have little relationship to actual value. My old home in New Castle Co., DE has never been reassessed since the home was built in 1974 and is assessed at $48k. It last sold in 2012 for $165k My current home is assessed at half the guesstimated sale price.
Beat me to it.
Your case is far from the norm. The house was appraised for sale I imagine as well as a few comps from the neighborhood run. In any case the property appraiser there is probably a bit more with it than yours in De.
Apparently you’ve chosen to live in municipalities that are very dysfunctional. The assessed value on my home is 10 to 20% less than its actual value. So selling it for three times the assessed value would be selling it for quite a bit more that its worth.