Please help me out. I am buying a MHP via owner’s financing. Going into the second year. The deal included a 45 acres, 132 pads MHP, 99% owner occupied, a 25 unit mini storage and a 4000 SqFt House, all for ~1.9M. We paid ~6.5K in property taxes last yr, just like previous yrs when paid by the former owner. The land by itself is probably worth 50K at most.
I have just got this yrs tax bill for 48K !!! 6 times last yr bill!!!. The assesor states that they have figured that amount on the price I paid for the business. Is this correct?? I understand property taxes are paid on what we own, in this case the land. As far as income taxes, we pay the IRS… correct? If this assesment was true, then my land will be worth close to 45K per acre, which would be awesome, but impossible based on comps. At most each acre of unimproved land in our MHP area is possibly 6K. Would anyone help me figure out what heck they are trying to do?
After my phone conversation, he asked to submit an appeal form…I am trying to document my appeal with all the info I can. Does anyone out there pay property taxes on MHP based on the business value or based on the property value. Am I wrong or confused? Thanks