Property Tax Valuation

I bought a park in Oct 2014 for $700K ($482k for park and $217k for home notes)  I just received my property tax assesment.  Approximately $750K over several land parcels.  The 40 + year old park sits on a highway that now has a Super walmart and New Menards within about a mile.  I’m sure they will say that the best & highest use in not a mobile home park.Apart from the purchase agreement allocation, ( Land 175K, Improvements 154K, Goodwill 154K), i hope to reduce this value. I’ll have the actual sale price, but want to know if there are other items that i can have when i go before the county board. Any direction would be appreciated.Steve

Your closing document showing separate amounts paid for houses vs. the land is your best defense of a lower value.  What the property’s HBU is is generally not relevant for valuing the property.  The question is what you paid for it, and that’s not the full $750k.  I’ve also heard of other MHP owners allocating purchase value to the ‘business’ of being in the business of buying/selling mobile homes.  If the property comes with a MH dealer’s license, your argument is strengthened that a portion of your purchase price was for a business, and not the land.My 2 cents worth,-jl-

You should search similar properties in the area to determine their valuation to submit as well. Vacant land is a starting point as you then argue the only increase in value of your land is the business rental income. The homes add no value if owned by individual home owners.