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So before buying, ask to see a list of delinquent lots and look for financial statements that might show a red flag. If there are many delinquincies, that indicates a problem. Owning a lot can be a blessing and a curse simultaneously.

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Also take a visit to the parks county, and research any liens on a deeded lot... Delinquent taxes, HOA's, etc.

Best of luck on your quest,

Smitty

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Many folks head south for the winter, for some part of, FL, AZ, TX, AL etc. We do the opposite, got to the UP of MI for the summer, May thru September. We love it there, quiet, geared to seniors, lots to do, right on Lake Huron, Amish just up the road. Because we own two RV lots in a RV park in Cedarville, the true cost per year is: $638 per lot property owners annual dues which comes to $1,276 and real estate taxes of $340 for the two lots together. You pay for the electricity that you use via meters, one per lot. That is not very much because ACs not on much do to the cool weather.

Total annual cost is about $1,616 per year for the two lots which cost a total of $18,000 when I bought them. The RV park is open from May 1st thru early October. It is to cold to stay open during the winter. I provide this info if anyone is interested.

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Please pray for us. Leaving Nashville tomorrow headed to the RGV via Summerdale AL. I don't want to do any buying on this trip! LOL

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4 hours ago, ToddF said:

Please pray for us. Leaving Nashville tomorrow headed to the RGV via Summerdale AL. I don't want to do any buying on this trip! LOL

 

4 hours ago, ToddF said:

Please pray for us. Leaving Nashville tomorrow headed to the RGV via Summerdale AL. I don't want to do any buying on this trip! LOL

Safe travels.  When you go looking, go by yourself so you can say I need to talk to the wife, if needed.  You could always take pictures or go back when the sales office closes to take a look again.

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I am afraid of buying any property these days due to the volatility of property tax assessments.

I've related this story before, but it bears repeating as a warning for those who have not heard it. I used to own a house on a lot in St. Tammany Parish Louisiana. Before hurricane Katrina I was paying about $400/yr in property taxes on a modest 40 yr old home on a rural lot. After the storm many people moved out of the area and many homes were destroyed lowering the revenue generated for the parish from property taxes. They tried to pass a property tax rate increase but it was voted down, as everyone was still recovering from the storm (my wife lost her job too, as the storm totally destroyed the business she worked for as well as many others.) Not to be thwarted in their efforts to increase revenue, the parish tax assessors reappraised everyone's homes. They increased everyone's property taxes massively, including mine 1,000%. With my family income cut in half due to my wife losing her job, we simply could not afford the $4,000 yr tax bill (in addition to the second mortgage needed to pay for storm repairs) so I lost my home.

I'm afraid something similar might happen if I purchased an RV lot. Who's to say that a few years down the road that an affordable property tax bill today might double, triple or even jump to 10 times what it is today like mine did, and being on a fixed income, I'd lose it again? No thank you. It's a nomad's life for me at this point on. Fool me once, shame on you; fool me twice, shame on me.

Chip

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1 hour ago, sushidog said:

I am afraid of buying any property these days due to the volatility of property tax assessments.

That is one of the reasons we decided to buy our lot in Florida.  State law prohibits raising the appraised value by more than 3% a year.

Safe Travels...

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Minnesota has low property taxes (high income tax). Then there is a refund available to many based on income. Many retirees get back a significant portion of their property tax bill on form M1PR. On an RV lot, the taxes are just on the land ..typically under $200 year. There is no tax on an RV except annual registration ($105 or less).

We won't pay income tax when we retire.

Our property taxes on S+B in a high service county under $2,000. Have gone up from $1,500 in 2000 when we bought. When one of us dies and household income drops accordingly, the afforementioned refund program will give the survivor a nice refund on the $2,000.

If I get old and need services, the county will assign a social worker to my case and try to keep me in my home. Stuff like this isn't free.

Edited by ToddF

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Florida and Minnesota sound like senior friendly states for sure. 3% a year sounds reasonable, not an onerous 1,000% in a single year as I was subjected to. 

Louisiana will freeze your property tax assessment at age 65 if your income is below about $72k (though if they increase the millage rate say 10% you still pay 10% more taxes, as just the assessment of the value of your home remains the same). Also if you make any improvements on your property that substantially increase its value all bets are off and they can reassess your property. BTW, we have some of the highest sales taxes in the nation, as not only the state taxes your groceries, haircut, oil changes and such, but each parish and local municipality can add their local sales tax on top of that, totaling almost 11.5% in some places (hotel taxes alone in New Orleans are almost 17%). Nice state, huh?

But yet they can't fix the giant potholes in the roads. Go figure.

Chip

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The prices of the RV lots in the Lower Rio Grande Valley of Texas (Valley) will be a good bit cheaper then say FL or AZ. The Valley is a lower cost of living area then most of rest of the US. They, for the most part, are deeded property. Most are run by a board of directors elected by the lot owners. They are required to have financial reports that you should be able to see. Good Luck

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15 hours ago, sushidog said:

Louisiana will freeze your property tax assessment at age 65 if your income is below about $72k

Texas will freeze property tax amounts at age 65 so that the amount never rises above that maximum. It can go down, and in our case it has, but while it could go back to the amount when frozen, never above that limit. 

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43 minutes ago, Kirk Wood said:

Texas will freeze property tax amounts at age 65 so that the amount never rises above that maximum. It can go down, and in our case it has, but while it could go back to the amount when frozen, never above that limit. 

Only certain entities freeze property taxes in Texas.  The State does not tax.  Some cities, counties, utility districts, etc. do freeze, some don't.   If I'm not mistaken, all school districts do this by State mandate.  It totally depends on your property location as to the other entities.

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Yes, school district taxes in Texas are capped if you apply for it at 65 years old or older. There are a few requirements,  like it being your primary residence. The other taxes, state, county, fire district, MUD district are not capped where I live in Texas.

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On 11/4/2018 at 7:00 AM, k4rs said:

That is one of the reasons we decided to buy our lot in Florida.  State law prohibits raising the appraised value by more than 3% a year.

Safe Travels...

Is that appraised value or assessed value?  I wonder if it is appraised, then any improvements wont be recouped when sold unless >3% per year over the years you keep the property before selling it.

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Homestead property may be important. The two RV lots that I own in the UP of MI are not my homestead so no homestead exemption. Lucky the annual real estate taxes are very low.

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My father retired at age 67 and bought a Condo in Hollywood, FL and my parents spent 20 winters there. The cost for their condo was less then $100 per month because of the senior tax exemption. That included real estate taxes, maintenance cost with a small part of that going into a large project reserve fund, garbage, and water. They were responsible for their AC, which was on the roof, and everything in there unit. I remember being impressed with how FL treats its seniors.

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2 hours ago, whj469 said:

My father retired at age 67 and bought a Condo in Hollywood, FL and my parents spent 20 winters there. The cost for their condo was less then $100 per month because of the senior tax exemption. That included real estate taxes, maintenance cost with a small part of that going into a large project reserve fund, garbage, and water. They were responsible for their AC, which was on the roof, and everything in there unit. I remember being impressed with how FL treats its seniors.

I am not sure, but the costs you quote are living expenses NOT including the cost of the unit?  What about insurance?  did the property appreciate in value?

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Property insurance was included but not on the contents of your unit. They paid $40,000 for the condo, two bedroom, two bath etc. in 1978 and they sold it in 1999 for $60,000. They also had to pay for their electricity. This was a very nice condo, 36 total units, five floors with a nice elevator and large balcony for each unit, swimming pool.  I remember being suprised that was all it cost.

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Just read today that the Winter Texans in 2017/18 were 104,000 and that was the best year of the past ten. Apparently the number had been declining from a high of almost 150,000 ten years ago to 96,000 in 2016/17. That would also put downward pressor on the price of RV lots and RV lot rentals.

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We toured 4 of the parks I mentioned in my previous email. All very well maintained. There are a fair number of lots for sale.

We're ahead of ourselves and now have an idea of options for the future. Staying at Victoria Palms in Donna, very nice.

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Here is another "condo" park I ran into during my travels down in the RGV.

http://leisurevalleyranch.info

This park looks like a twin to Hidden Valley Ranch. 

I note these parks allow for multiple dwellings on 1 lot. So you could potentially have a park model or other fixed structure plus your RV on the same lot. Most condo or coop parks only allow 1 living unit on a lot.

RGV is getting busier...several residents told me Victoria Palms filled up last year.

 

 

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