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Posts Tagged ‘value adjustment board’

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)

County Assessor Makes Multimillion Dollar Error

March 20th, 2013 Comments off

MySuncoast reports from Venice, Fla. a magistrate in Sarasota County determined property taxes on some of the 19,000 manufactured homes in the county were improperly increased between 22 percent and 90 percent because the property appraiser’s office did not abide by Florida statutes. Although the companies that own the communities pay the taxes, the home owners ultimately pay their share. A resident of 1,300-site Bay Indies MHC, Mike Rafferty, noticed his property value increased 22 percent in an area with flat or falling property values. As MHProNews has been informed, on March 19 the Value Adjustment Board approved the decrease of over $16 million for just two of the county’s 60 MHCs. Rafferty says he and his neighbors will likely see a $75 rebate each this year, and similar amounts in years to come. “Commercial parks are going to see relief, and that relief is going to be absorbed by some of the other taxpayers in the county,” he noted.

(Photo credit: MHProNews.com)