Larry Ellison pockets $3 million in tax reassessment
How can you profit from Oracle CEO Larry Ellison's amazing eccentricity? Hint: the answer is not buying Oracle stock. Nope. According to the San Francisco Chronicle, Ellison recently successfully gained a reassessment in the property taxes for his enormous Japanese-style home in Woodside, California. And you can too!
Ok, so you probably didn't spend so outrageously much on your home (for Larry, $12 million for the land and another $200 million to build his Japanese-style seven-bedroom palace complete with separate tea house, bath house, and waterfalls; Luxist had details on all Larry's real estate ventures). And you probably won't register a $3 million refund. But you might be able to get back a few hundred dollars, if you feel your home's worth has been set at the market's peak, while your income is slightly more down-market. And remember, as Tracy Coenen posted, you have rights as a taxpayer!
So, how was Ellison able to justify the reassessment?