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Decline in property value roll changes for floating and manufactured homes

Wednesday, December 21, 2011

Effective January 1, 2012, floating and manufactured homes may receive a decline in the property tax value after the roll has closed. On the lien date, the taxable value of real property shall be the lower of the adjusted base year value or current market value.

The prior law only allowed county assessors to correct an actual error for a decline in the taxable value of real property. Both floating homes and manufactured homes that are not on permanent foundations are considered personal property. However, they are still reassessed upon a change in ownership or completion of new construction. (R&TC 4831; SB 947 (11-351))

At Spidell’s Federal/California Tax Update Seminar we will talk about:

What property tax is deductible
How the new federal Schedule D works
How to treat the sale of gold and silver
What happens if your client is selling stuff on e-Bay
New laws coming this year and old laws going away

Click here to register today.

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