Appraising A M H Without Land

[Terrel L. Shields]

I have a manufactured home on non-owned land. So in the area of "Property Rights Appraised"... hmm, it isn't fee simple in the land. What is the best terminology for the ownership of a manufactured home? Our assessor values these as real estate although most appraisers were likely taught that such is "personal property"... any thoughts?

 

[Meandering]

It's a vehicle in PA.

You can't surrender vehicle title without it being "attached " to the land.

Private Property appraisal, or vehicle appraisal, depends on your state law, and if you move the MH to a different state, then it depends on their state law.

Assessors will value for taxes, a shipping crate if you're sleeping in it. Because that's the point of taxes, to make sure you're paying for places you are sleeping, or else sleep in the park until they're tired of looking at you or hearing complaints about you sleeping in the park or on the sidewalk, on "public" land.

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[Overimprovement]

It's a vehicle in PA.

You can't surrender vehicle title without it being "attached " to the land.

Private Property appraisal, or vehicle appraisal, depends on your state law, and if you move the MH to a different state, then it depends on their state law.


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Same way in KY. They are personal property unless title is 'surrendered' to county clerk. Then it is treated as RE for tax and loan purposes. The trick is appraising those home for which this has not been done. I tell local lenders I can't do them because I would have to find similar homes that were sold as personal property, perhaps through craigslist, etc.

If the land doesn't go with it, then to sell, one would have to disconnect all utils, remove HVAC hookups, separate the sides, possibly remount axle and hitch, transport to new location, re-assemble everything. All those costs would have to go into a PP valuation of the home.

That is assuming one even can GET to the home, without some easement filed in the local court, the bank would not even be allowed to repossess the home here, if it was personal property.

 

[Carnivore]

Same in North Carolina Its a Vehicle subject to personal property tax until you surrender title

 

[Restrain]

Cant do one of these on the 1004C. Question is whether it is realty or personal property, and that is something that has to be provided by the borrower.

 

[Terrel L. Shields]

It is considered real property here even if sitting on loose concrete blocks with wheels and tongue intact.

So what property rights are being appraised? Not fee simple...?

 

[Meandering]

It is considered real property here even if sitting on loose concrete blocks with wheels and tongue intact.

So what property rights are being appraised? Not fee simple...?

https://legal-dictionary.thefreedictionary.com/Personal+property+law