I recently purchased a park in Michigan with 16 park owned homes. The Seller assigned a value of $1.00 to each and transferred the titles to me. When I recently mailed the titles into the Sec of State office to add a lienholder name to the title, the State contacted me and said the assigned value of $1.00 for each mobile home was not an accurate market value. The State wants a "true market value" assigned to each home in order to collect the 6% sales tax.
Since I truly paid $1.00 for each, and most of the trailers are in average to poor condition (one has been taken to the dump), how should I value each home in order to satisfy the State?