The short answer is yes. The long answer is: it depends. That’s because a manufactured home must comply with certain requirements in order to be considered real property. Since the process of classifying a manufactured home as real property varies by state and local jurisdictions, the local governments have developed specific statutes that set forth the procedures for classifying a manufactured home as real property.
Manufactured Housing News
For many people, buying a home is an important financial decision. However, choosing the right type of home is often more important than bringing your dream of homeownership to life. That’s because the home that you choose will indirectly dictate a series of factors, including the type of neighborhood you’ll live in, the financing options you may qualify for, and the payment you’ll have to make every month over the life of the loan.
A manufactured home can be classified as personal or real property. This means that a manufactured homeowner can choose to continue to use the home as personal property and pay the annual license tax required or convert it to real property and pay real property taxes. A positive aspect of converting your manufactured home to real property is that you may be eligible for a series of tax exemptions and deductions. In order to better understand the tax benefits of owning a manufactured home, let’s take a look at the differences between tax exemptions and tax deductions.