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Posts Tagged ‘personal property tax’

Stunning 2 Million dollar manufactured home, but TMZ and media struggle to ‘get it’

August 30th, 2013 Comments off

betsy-russell-saw-star-1,999,999-manufactured-home-'mobile-home'-credit-redfin-mls-posted-daily-business-news-Saw star Betsy Russell recently listed her lavish, custom manufactured home overlooking the Pacific Ocean in ritzy Malibu for just a buck under a cool 2 million. TMZ and other media outlets both raved and ranted. “On top of the nearly $2 million price tag, the HOA fees will run the new owner a whopping $3,565 a month. That’s another $42,780 a year.” The media has little notion of the advantages that millionaires such as Russell, or more millions of owners of more modest means have with modern manufactured homes, including those placed in land lease communities. What sounds like a lot of money for site fees (aka “lot rent”), in many jurisdictions means you have little or no real estate taxes, and may have little or no personal property taxes. This is why the listing agent can correctly boast that it is the most amazing home-with-a-view value under 2 million dollars in Malibu, CA. For those who don’t know that market, another manufactured home sold in the same community for 1.1 million. ManufacturedHomeLivingNews.com will showcase Russell’s manufactured castle as a “featured home” as part of an article which will include 17 photos. Check back for a link here once its posted, or sign up for our popular, free twice weekly emailed news and tips alerts to get the link to that upcoming story. ##

(Image Credit: MLS/Redfin)

Assessment on MH Unbalanced, says Resident

May 4th, 2012 Comments off

In a letter to MPNnow, a resident of Gypsum Mills Estates in Victor, New York just south of Rochester states the 520 senior homeowners in the MHC are being unduly taxed by the town assessor. Stephen G. Poyzer says property assessments have increased an average of 24 percent. Noting that manufactured housing depreciates at a rate similar to an automobile, he says individual assessments rose $5,000 to almost $40,000 the past two years. MHProNews has learned a letter from the assessor says the 2011 tax rate was 100%, and this year’s will be 100% after the increase. Writes Poyzer: “It does not take a mathematics genius to see that an average 24 percent increase added to a 100 percent assessment does not equal 100 percent but 124 percent on properties that lose value every year.” Noting manufactured housing owners pay sales tax at time of purchase and personal property tax, he says the government is trying to extract real property tax from MH owners’ personal property, and that amounts to double taxation.

(Photo credit: Wikipedia Commons–Old Two Pan Balance Scale)

Illinois Law Penalizes for Moving Manufactured Home

March 21st, 2011 2 comments

The East Dubuque Register reports that effective Jan.1 of this year, the Illinois legislature has changed the method for taxing manufactured homes.  If you remain in a licensed manufactured home community, you will continue to be taxed based on the square footage and the age of your home according to a formula.  If you move and relocate or purchase outside a licensed community, your home will be taxed as personal property, which is a rate used to tax buildings in the state.  The bottom line is to maintain your home on the same piece of land and you will be grandfathered in at the older, less expensive tax rate.