|
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.
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