Assessments Rising on Florida MHCs

The heraldtribune reports from Florida the recent sale of several MHCs for $60,000 plus per home site has unleashed the reassessment of some of the communities, driving up their taxes. Equity Lifestyle Properties, Inc. purchased Lake Village in Nokomis, Fla., just south of Sarasota for $23.7 million, and is now facing a tax increase of 93 percent. In Polk County, Northwestern Mutual Life Insurance Co. paid $57.7 million for an MHC, equaling $68,566 per home site. A survey by the Polk County appraiser’s office counted 25 high-end MHC sales in 11 counties last year. One resident in an MHC where taxes increased 66 percent says his site rental rose $11/mth, but other fees could rise as well. MHProNews has learned property assessments for MHCs in Fla. are derived from a formula based on estimated revenues of what a property owner would expect to receive as a rate of return.

(Photo credit: MHVillage–Lake Village, Nokomis FL)

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