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Posts Tagged ‘statutory law’

Battle Rages over Value of Manufactured Housing Communities

September 25th, 2013 Comments off

Following up on a post MHProNews last reported Sept. 3, 2013 regarding Equity LifeStyle Properties’ (NYSE:ELS) successful appeal of a sharp rise in taxes on two manufactured housing communities (MHCs) in Florida, over $200,000 in property taxes are once again at stake. Sarasota County Property Appraiser Bill Furst contends the value of Bay Indies in Venice has increased 23 percent over last year’s valuation to $47.3 million, while the value of Lake Village in Nokomis, FL rose 72 percent to $19.5 million. These are the same exact numbers he used last year that were denied. ELS has filed an appeal with the Value Adjustment Board, the same as last year. Tax increases are passed on to residents of the communities, resulting in the National Manufactured Home Owners Association (NMHOA) questioning the formula Furst used. According to heraldtribune.com, he is using the same methodology as before, sparking the same appeal from ELS. In April he sued ELS trying to force them to produce financial records for the two communities, but statutory law does not require it. In any case, residents will have to pay more if Furst succeeds in increasing the valuation.

(Photo credit: Equity LifeStyle Properties–Lake Haven MHC, Clearwater, FL)