UPDATE: Valuation Of Mobilehome Space Must Be Based On Its Pro Rata Share Of The Real Property Of The Mobilehome Park

In an opinion issued on rehearing in Assessor for County of Santa Barbara v. Assessment Appeals Board No. 1 (--- Cal.Rptr.3d ----, Cal.App. 2 Dist., August 30, 2012), the court of appeal once again found that when reassessing the value of a mobilehome space in a mobilehome park, the proper method of valuation is contained in Revenue and Taxation Code section 62.1.  Section 62.1, subdivision (c), requires that the value of a mobilehome space on reassessment must be based on a pro rata portion of the real property of the entire mobilehome park.  The value at a change of ownership in a space in a mobilehome park, where the park is a non-profit corporation formed by the tenants, must be determined by multiplying the fractional interest in the mobilehome park that changed ownership by the fair market value of the entire park at the time of the sale of the fractional interest.

Note

This is an update to our previous Legal Alert entitled, “Court Of Appeal Rejects County Assessor’s Method Of Valuing Mobilehome Spaces,” May 29, 2012.

Questions

If you have any questions concerning the content of this Legal Alert, please contact the following from our office, or the attorney with whom you normally consult.

Jon E. Goetz | 805.786.4302

Jeffrey L. Massey | 916.321.4500

Brett L. Price | 661.864.3800

 

Written by:

Published In:

Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Kronick, Moskovitz, Tiedemann & Girard | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×