Laserfiche WebLink
The subject properties are a combination of a new manufactured home built in 2020 on one account <br /> and a new 600 square foot detached garage also built in 2020,yard improvements, and land on the <br /> other account. The home is unique as it is located on water front property in Turner surrounded by a <br /> combination of a few manufactured homes but mostly single family homes, and is not located in a <br /> manufactured home park. The petitioner is requesting the county reduces the values on the home and <br /> garages to more closely match the purchase price of the home plus the improvements made to the land <br /> and addition of the garage. The petitioner is requesting a land value of$60,000 and structure values of <br /> $300,000 for a total Real Market Value of$360,000. <br /> During the review process,the county realized it placed a trend adjustment on the subject properties for <br /> manufactured homes located in mobile parks,which is seeing significant increases in values, rather than <br /> a trend adjustment of manufactured homes located in residential, non-mobile park areas. The different <br /> trend value caused the subject properties accounts Real Market Values to be overvalued on the home, <br /> garage,and yard improvements. <br /> The county was able to find comparable sales of similar manufactured homes with comparable design <br /> elements, interior features, bedroom and bathroom count and each built in 2020. Comps 1-3 are all <br /> located in the Lakeside Village Manufactured Home Park located roughly 5 miles from the subject <br /> property and located near water. Their average sizes is 600 square feet smaller than the subject home <br /> and have an average adjusted sales price of$181,800. <br /> - -- -Basedonthe data and the comps,the county recommends we change the neighborhood trend from <br /> SOCO.MS to SOCO.AVG on both accounts which will lower the RMV on the home,garage,and yard <br /> improvements to better match the market. This adjustment will lower the RMV of the home from <br /> $346,140 to$188,800,which more closely matches the comparable sales. The adjustment will also <br /> lower the garage RMV from$81,350 to$44,380 and the yard improvements RMV from$33,000 to <br /> $18,000 which is also more in-line with similar values of garages and yard improvements in this area. <br /> Based on land sale studies,the county recommends the land value should be sustained. <br /> In conclusion, based on these recommendations, the total RMV for both accounts will be lowered from <br /> $553,340 to$344,030 which is similar to the petitioners requested value. The MAV on both accounts <br /> will also be lowered from a total of$329,410 to a total of$204,800 with a new Exception value of <br /> $204,800 for both accounts. <br />