Local Politics

Easleys taking bath on coastal property

Posted January 19, 2011

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— Former Gov. Mike Easley and his wife are now underwater in a coastal real estate deal that was part of a federal investigation into Easley's friends and contributors while in office.

In 2005, the Easleys purchased a lot in the Cannonsgate development in Carteret County at a below-market price. A federal grand jury looked into whether that deal came in exchange for expedited state environmental permits for the project.

The depressed market for properties in Cannonsgate recently led the Carteret County tax office to value the Easley property at $225,412, less than half the price the couple said they paid for it. Even with a discount the Easleys reportedly received at closing, the lot is valued at almost $200,000 less than their investment in it.

Easley pleaded guilty in November to one state charge of certifying a false campaign finance report as part of a deal to end state and federal probes into his campaign finances. He was fined $1,000 but avoided a prison sentence.

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  • rcrdngcountry Jan 20, 2011

    NO WONDER THE WORKING PEOPLE CAN NEVER GET AHEAD.TOO MANY CROOKS, TOO MANY GOT THEIR HANDS IN THE POT. I GET SO TIRED OF
    THE LEADERS SAYING NORTH CAROLINA IS BROKE. WE ALL KNOW WHY,
    WHY DON'T THEY JUST SHUT UP.

  • whyohwhy2011 Jan 20, 2011

    Rangemaster, I am sorry to say that it is not bogus. The tax evaluations for 2011 were just completed and received in the mail on Friday the 14th of January. I doubt that Cannonsgate website has been updated to show the new tax values. I am a lot owner in there and can tell you that I lost almost $150K in tax value from 2010 to 2011. This is completely true.

  • tgentry1005 Jan 20, 2011

    How is Easley taking a bath unless he is selling the property at much less than he paid for it? Sounds like some funny business going on to me....... Another sweetheart deal in progress???

  • Rangemaster Jan 20, 2011

    This is completely BOGUS. If you go to the Cannonsgate website you will not find a property listed on there with a "TAX VALUE" of less than $425,000 and that's not even on the high rent side. Most of those where Easley is located still show a tax value between 5 and 7 hundred thousand. Some more corruption for the Sleeze pack and their cronies. Maybe there needs to be a little more in depth investigation. My home has been devalued by the economy but the tax office has not cut property taxes even after an appeal. Maybe I should become a Democrack politician so I can reap the rewards. It justs makes me sick to watch all of this going on. Thanks for listening to my rant!

  • Grandpeople Jan 20, 2011

    He still gets a deal. He is a a sleeze and a crook. He has gotten by with things that most of us would have been put in jail and the key thrown away. But no, this bum gets to keep everything he has stolen and pays a whopping $1000 fine which he doesn't have the money to pay. WHAT A JOKE.

  • whatusay Jan 20, 2011

    How many other properties in the Cannonsgate development went down in value? Would be some good information. I doubt any of them, except Mr Easley's.

  • jet2rdu Jan 19, 2011

    "The ONLY thing that happens now is that their tax bill is cut in half." we-r-just-human

    Mike wishes he would be so lucky to have a falling property tax bill. If the assessed value of the town's properties decrease the town will establish a new tax rate, which it must do, to make up for the lower tax revenue. That is, the town's tax rate will simply increase to reflect the lower assessed value of the town's properties.

    The new tax rate for properties is determined by dividing the tax levy, which will not change, by the new total taxable assessed value of taxable real property in his community. That is (tax levy divided by the new total assessed value = new tax rate).

  • we-r-just-human Jan 19, 2011

    Word.... You're right... The ONLY thing that happens now is that their tax bill is cut in half. I didn't see my property taxes go down this year... Just another break for Easley...I bet money that Easley appealed the value and got it reduced...

  • Mark G Jan 19, 2011

    Dear Golo,

    I have noticed that not one of three legitimate, completely rule-abiding comments I made on stories here never made it in the comment column. Therefore, I assume you edit comments to only reflect your agenda.

    Therefore, WRAL has lost a viewer and frequent website visitor.

  • Word Jan 19, 2011

    The problem is that they will only lose money if they try to sell it. If they keep it, when the market bounces back, they'll still be sitting pretty.

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