I got a letter today stating that the taxing agency wishes to re-assess the value of my MHP. Pretty sure they don’t wish to lower it.
While the previous owner did make some physical improvements to the park, they weren’t of the scope to account for the increase in price from what he sold it to me for and what he bought it for when it was really run down.
Rather, it’s the “business” being run there that accounts for the value. He got rid of the bad people, got a good manager in, made some cosmetic improvements, got the cash flow good, and now people wish to live there.
So two questions:
First, do I have a prayer of convincing the taxing agency not to raise the value to the purchase price, and if so, what is the best strategy? Involve an attorney?
Second, when I buy my next park, do you think it’s possible to buy the park and the business separately? Perhaps buy the LLC or something for the second part? In this way the park purchase price is less than the entire purchase price and prop taxes don’t get jacked big-time?
Anything here or is it just crazy talk?
Thanks as always,