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Romneys, caught in housing bust, got tax cut in La Jolla

Reassessment of their $12-million home, one of many reductions in San Diego County, has saved $109,000 over four years... Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

Senh: I don't see anything wrong with this. Everyone's house value went down. They have the right to contest the county's assessment of their home value and pay the appropriate amount of property tax.

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