Oregon Tax Court Decides Property Tax Value of Mobile Home Park

The Oregon Tax Court decided that the total real market value of a mobile home park in Sweet Home, Oregon for the 2022-23 tax year was $1,662,885. The properties were valued using the income approach based on actual income and expenses presented by the plaintiffs, with adjustments made by the court. The court found the plaintiff’s evidence of a 7 percent capitalization rate to be most persuasive. The court found the value based upon a gross income of $258,240 minus expenses at 53 percent ($136,867) resulting in a Net Operating Income of $121,372, divided by a Capitalization rate of 7 ...