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.
Manufactured Housing News
Whether you’re planning on buying a smaller home as a single person or a bigger home for your growing family, opting for a modular home instead of a traditional stick-built house can bring along a series of benefits you may not be aware of. But before discovering the advantages to buying such a home, let’s take a closer look at what exactly a modular home is.
Although both standard and manufactured homes must meet all the applicable building codes and standards for new construction, there are a few important differences between these two types of homes. To begin with, a conventional home is constructed from traditional building materials, such as concrete, wood, metal, bricks, insulation, and composites, directly on a lot where it will remain permanently.