When getting into the world of manufactured homes the rules do get different. Certain things apply with them that don’t apply for your typical home. There are different classes of homes which are qualified differently in different states. A lot of new things to get a grasp of and one of the most important are property taxes. This will apply if you bought a trailer park for sale or bought some small land specifically for your manufactured home. In today’s article we are going to go over the gist of property taxes for manufactured homes and see if we can get you more informed.
We don’t want you to be surprised when you get your new manufactured home and move into a spot at a resident owned park somewhere. So let’s start with what property taxes are. Property taxes are money taxed by the government when owning land in any United States territory. This specific tax is used to pay the local government to help maintain your state. The amount of the taxes is usually based off the value of the property that is bought, but how is it calculated?
To figure out how much your property tax will be is determined by an assessing body of the government. They will take the value of the property and calculate it with the tax rate decided for your state. This is then assessed and put towards your yearly or quarterly taxes. Since you have a home that is moveable you will have two separate payments for property tax. The property in the form of your home and then the land under it. In some cases people only own the land and rent the home or vice versa, which would change how much in taxes you would pay. This will then require certain information to be passed to the person you’re renting from so they can calculate certain percentages on their end. This is where responsibilities vary from state to state and you’ll need to contact corporate management or someone with the right information to find out.
Property taxes are important and everyone has to pay them. You can try to avoid them, but know the IRS will be hot on your trail. So get informed, pay your taxes, and enjoy your home.