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2 METHODS
OF TAXATION

APPRAISED
METHOD

Manufactured & Mobile Homes

To see how the two methods may affect your tax cost, consider two homes:

For a home purchased in 2000, the tax would be calculated as follows:

2000 Home
  Using the Appraised Method
Appraised Value $56, 421
Assessment % 35%
Assessed Value $19,750
* Effective Tax Rate 48.363115
Subtotal $955.17
10% Rollback 95.52
2 1/2% Credit 23.88

2000 Full Year Tax $835.78
Using the Depreciation Method
Purchase Price $56, 421
Depreciation %          X 80%
Depreciation Value $45,140
Assessed %              X 40%
 
Assessed Value $18, 056
* Full Tax Rate            X 79.95

2000 Full Year Tax $1,429.97
For this home, purchased in 2000, converting to the Appraised Taxation Method lowers the tax by over $500.

However, for an older home, this may not be the case:

1994 Home
Appraised Method
Appraised Value $39,300
Assessment % 35%
Assessed Value $13,760
* Effective Tax Rate 48.363115
Subtotal $655.48
10% Rollback 66.55
2 1/2% Credit 16.64

2000 Full Year Tax $582.29
Depreciation Method
Purchase Price $35.150
Depreciation %          X 50%
Depreciation Value $17.575
Assessed %              X 40%
 
Assessed Value $7,030
* Full Tax Rate            X 79.95

2000 Full Year Tax $560,64
For this older, 1993, home, it would not be beneficial to switch to the Appraised Method.

Each situation is different. Our office would be pleased to provide you with a tax analysis based on your situation.

 

Estimate your tax by the appraised method

Procedure for Changing your tax status