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20 <br /> Slide #7 <br /> Residential Appraisal, continued <br /> Manufactured Home Project <br /> Purpose: correcting manufactured home classification to <br /> reflect current North Carolina General Statute <br /> Results: 185 changing classification to real property, <br /> another 195 changing classification to personal property <br /> Impacts: <br /> • For 2025, 195 owners must newly list their manufactured <br /> home <br /> • Some value changes due to classification changes <br /> • Notification letters sent Fall 2024 to affected owners. <br /> • Staff to assist affected owners with 2025 listing <br /> ORANGEcCOUNnTY <br /> ROLIN <br /> Chad Phillips said the manufactured home project is part of the biggest projects they are <br /> working on. He said that the law changed in 2003 and they are coming into compliance with that <br /> as it pertains to manufactured homes. <br /> Slide #8 <br /> Residential Appraisal, continued <br /> Manufactured Home Project, continued <br /> N.C.General Statute 105-273(13)d: <br /> A manufactured home as defined in G.S.143-143.9(6), unless it is <br /> considered tangible personal property for failure to meet all of the <br /> following requirements: <br /> 1. It is a residential structure. <br /> 2. It has the moving hitch,wheels,and axles removed. <br /> 3. It is placed upon a permanent foundation either on land owned <br /> by the owner of the manufactured home or on land in which the <br /> owner of the manufactured home has a leasehold interest pursuant to a <br /> lease with a primary term of at least 20 years and the lease expressly <br /> provides for disposition of the manufactured home upon termination of <br /> the lease. <br /> ORANGE COUNTY <br /> Commissioner Hamilton asked what the tax difference is between real property and <br /> personal property. <br /> Chad Phillips said the tax rate would be the same, but the real property would be valued <br /> higher in real property due to the permanent foundation. He said that personal property can be <br /> moved and still has wheels. <br /> Vice-Chair Greene asked about item 3 on slide#8. She asked if that is common for mobile <br /> homes to be placed on leased land for 20 years. <br />