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
One of the most important things you should know about buying a modular or a manufactured home is that you may qualify for a series of tax benefits. Although many rules have changed over the years, modular and manufactured homeowners are still eligible for a series of tax breaks that could help them reduce the amount of taxes they need to pay each year. Below, you can find some important details you should be aware of before buying a modular or manufactured home.
If you’re planning on buying a manufactured home soon, factoring in additional expenses, such as property taxes and homeowners insurance, will help you determine your monthly home loan payments more accurately. Just to be on the safe side, make sure that you also set aside some money for utility hookups and maintenance or unexpected repairs, which are bound to pop up sooner or later. In order to decide whether or not buying a manufactured home is a wise financial move, let’s find out what property taxes and utility hookup costs you might need to cover once you become the proud owner of a manufactured home.