Assessor lists each space as separate property in park?
Hey guys- I've done two mobile flips now and both times the address of the mobile home park just pulls up the overall park information with the assessor. Total acreage, total RE taxes, number of pads, and the LLC that owns the whole park.
There's a 30ish unit park in my town and a mobile was just listed for sale. It's an all ages park.
When I pull the tax assessor county info....it lists every unit space in the name of the person who owns the trailer, and the property taxes for that specific space, it lists previous sale info...everything. I haven't seen this before.
There is still lot rent (which is fairly spendy for this area) so it doesn't seem like you OWN the space. Does any one know why each space is listed as though it belongs to the trailer owner?
Thanks!
@Natalie Kolodij In Texas, there are two property tax accounts in this kind of park. One is for the trailer and one in for the land.
Which state are you talking about?
Oh sorry, @Account Closed I'm in Washington State.
I've just looked up lotssss of parks during my searches and I've never seen it list the information for each indidvidual trailer owner before.
It also lists the square footage for each, photo of each, all the normal details like a stick built house.
Hmm; As The tenant doesn't 'own' the space, I would have thought that a mobile home would be assessed via personal property or DMV fees instead of property taxes.
Check out this link - I'm not sure if Snohomoish does it the same but I'm betting there is some sort of of the same system in place. Basically they need a parcel to collect the taxes off of. When you look up the parcels are they listed as "personal" property parcels (mobile owner) attached to a "real" parcel (being the land owner)?
http://www.co.pierce.wa.us/index.aspx?NID=742
Originally posted by @Jeff B.:
Hmm; As The tenant doesn't 'own' the space, I would have thought that a mobile home would be assessed via personal property or DMV fees instead of property taxes.
Correct- on the other's I've done we've paid taxes through the licensing office and then that's that. The park pays the actual county RE taxes. This is super weird to me
@Justin Peila that does sound like what they may be doing.
http://snohomishcountywa.gov/2934/Assessor
House number : 9425
Street name: 56
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If any one else wants to view it. I'm still not sure which mobile is the one for sale, didn't say in the ad.
It lists them as being on post and pier, but....I'd be shocked. I don't know.
Originally posted by @Natalie Kolodij:
Originally posted by @Jeff B.:Hmm; As The tenant doesn't 'own' the space, I would have thought that a mobile home would be assessed via personal property or DMV fees instead of property taxes.
Correct- on the other's I've done we've paid taxes through the licensing office and then that's that. The park pays the actual county RE taxes. This is super weird to me
Natalie,
Sounds weird. Could the parcels have been split out? Kind of like a condo association.
Mark
@Mark Creason That's kind of what I'm thinking.
Your "park rent" is really more like an HOA.
I've just never seen that before. In the parks we have here where you basically own the parcel the home will be $90k vs. $10-30k. But the "lot rent" is $730 a month vs....$400-$600 for most parks in the area. I'm curious to find out.
I live 2 minutes from this park so If there's an option to own/rent or own/seller finance since it's not a normal park setup...I will be one happy girl.
@Mark Creason also yes each trailer has a different parcel number.
@Natalie Kolodij. Just wondering why manufactured homes as opposed to SFH or Multi-Family? The only reason I ask, is everyone ( at least in my neck of the woods) I have every talked to have always said they are a lot harder to resale than the other options I listed above. I was just curious? Thanks.
There can be condo style splits ( you own your lot and pay HOA) , there can be co ops ( I believe thats how resident owned communities are structured) and I have seen it to where it maps out the home as you described (i.e. mapped per lot with home info ) but thats just related to how the county is taxing the homes but the park can still have one owner. Good luck.
@Tony Wooldridge They're an awesome stepping stone for me to build capital.
I can buy them at a killer price, do minimal renovations, and sell them to net between 5-10k per home. Not crazy money but it's a lot less stress/time than securing hard money and jumping into a SFH flip.
I'm going to check it out tomorrow I'll keep ya'll updated. I was trying *so hard* to steer clear of deals until after the CPA exam when I had time but.....it's not every day a mobile in an all ages park comes up 2 minutes from your house.
I've got a price point I'll pay for it and it sure ain't the $10k she's wanting- Let's see how badly this gal needs to dump that $730 a month lot rent. :)
In PA, each mobile home has its own parcel number and each owner's name as well. Each mobile home owner has a separate bill with County, Township, and School taxes. The park owner also gets their own tax bill with one parcel number for the whole property.
$730 for lot rent sounds like a lot. Usually, sellers are ready to drop the price right before they have to pay another lot rent. What year and condition is the home in? Is it move in ready?