why do i pay property taxes?

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annah

why do i pay property taxes?

Post by annah » Fri Feb 21, 2003 9:07 pm

I just found out my MH is registered with the department of motor vehicles, my question is why do i pay property taxes? do you know where i am getting at?

maybe you can help me with a huge problem, this is in reguards t financing nd depreciation.

i own a MH and it is beautiful, this summer we put this home on property (lots of property), we only have 2 original walls. we have turned our home into a ranch style home with full basement and a 2 car garage. its size is now 28x68.

i can NOT get a mortgage for 25 year i can only get a home equity for 15.
i can not afford the payments on 15 years.

i am quoted double interest rates, due to depreciation value with out anybody even doing an appraisal. (i have abroker looking into my situation now).

i need the mortgage to pay back my family, ( i borrowed the money from them to do the construction).

can you send me in a direction with hopes?
can you explain why i pay taxes on my MH but not my 36 ft. motor home?

John

Re: why do i pay property taxes?

Post by John » Fri Feb 21, 2003 9:12 pm

Depending on where you are you can go to the county/city clerk and get your property and house deeded as real property. We had to show that the house was on permannt footings and secured with no axle. In my case it was cheaper to leave it registered with DOV than as real estate but I wanted to have it as real property.

Bill Fry

Re: why do i pay property taxes?

Post by Bill Fry » Fri Feb 21, 2003 9:21 pm

Property taxes on your land and property tax on your home if they are not deeded togetheris what you are paying?All states are different in this area,check with them.Some tax homes,autos,boats,RVs,etc,some only tax homes.

You live in a manufactured home that is not deeded to the land?It is considered personal property and will go down in value quite quickly.Also if it is structurly modified most morgtage companies wont touch it.They want it to meet HUD code which it wont anymore.Sorry but you're probably only going to get the rates you describe.

JohnnyJ

Re: why do i pay property taxes?

Post by JohnnyJ » Fri Feb 21, 2003 10:22 pm

To explain why you pay taxes on your MH, but not on your 36 foot motor home
can be easily done.

When you pay your vehicle registration each year on your motor home, you are
really paying taxes. Depending on where you live, they might be ad valorem or
personal property taxes. The only way not to pay taxes would be not to have it
registered.

The answer on the modifications done to the MH in regards to financing are
correct. To a finance company, it is a modified mobile home. A finance company
might loan money on it as an automobile type loan, but never as a home loan.
If you find a finance company that will loan you money on it, they will most
likely have a higher interest rate for you.

Finally, it depends on where you live as to the specific requirements of your
home being considered to be a permanent dwelling. You can check these
requirements with your county or city tax office.

good luck

rmurray

Re: why do i pay property taxes?

Post by rmurray » Sat Feb 22, 2003 5:31 am

Actually the extensive modifications you have done to the home will hurt its financeablility....

For most lenders, if they do a mortgage on a manufactured home....it must meet HUD specs and have a HUD seal attached to both sections of the home...Sounds like you might have covered them or removed them...

If your home was transformed as much as you say...I might try to get finance...but not mention that it is a manufactured home...Just tell them about you "ranch style home" that you need to refinance...

You may have another problem....."lots of property" means different things to different folks...but many residential lenders are restricted to financing only 5 acres or less...also..some lenders are very negative to financing in rural areas...Maybe you could subdivide the property and only carry a balance on 5 acres and home...Otherwise you will have to find a lender that specializes in large rural tracts....Good Luck

Mrs X

Re: Can't modify a M-H?

Post by Mrs X » Sat Feb 22, 2003 6:18 am

Do I understand this correctly? If I buy a manufactured home, tie it to the land as one real estate package, and then later on down the road, I decide to add on to it then nobody's going to want to refinance it because it no longer meets HUD code?

rmurray

Re: Can't modify a M-H?

Post by rmurray » Sat Feb 22, 2003 11:17 am

Most likely not as a HUD code manufactured home...but as I said...as a home probably....

Mrs X

Re: Can't modify a M-H?

Post by Mrs X » Sun Feb 23, 2003 7:17 am

Does a long deck across the back interfere with the HUD code problem - or is it difficult to find a contractor who could do modifications within the parameters of the HUD code?

rmurray

Re: Can't modify a M-H?

Post by rmurray » Sun Feb 23, 2003 1:29 pm

No....a deck would be not problems and there is no more problem finding folks to work on them..than there is finding folks to work on stick built..

The man above mentioned that "only 2 original walls" were left....this is much more extensive work than just a deck or garage....

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