Scope of Work:
The personal property division of the commercial appraisal department is responsible for developing fair and uniform market values for mobile homes in the district. This is property designated as personal property and registered with the Texas Department of Housing and Community Affairs (TDHCA). Newly discovered mobile homes in Midland County will be classified as personal property. Mobile Homes classified as “real property” by the TDHCA will be listed as an improvement to the real property account.
Mobile homes appraised by the personal property staff include:
- Mobile Homes as personal property on detached land parcels.
- Mobile Homes located in Mobile Home Parks.
- Mobile Homes utilized for other purposes.
Procedure for Collecting and Validating Data:
Data characteristics for each mobile home in Midland County will be collected in the field and data entered to the district’s computer-assisted personal property appraisal (CAPPA) system. Personal Property field appraisers will discover and collect mobile home property data including the mobile homes HUD number and Serial number. Additional staff will be used as needed. In addition, the district will review taxpayer submitted property renditions on mobile homes.
Sources of Mobile Home Data:
In addition to data collected and verified by the field appraisers, various information sources and publications such as the NADA Manufactured Housing Appraisal Guide, the TDHCA web site, the National Association Manufactured Housing Institute (NAMHI) and others data sources will be used to assist the district in the discovery and valuation of mobile homes.
Mobile Home Valuation Method:
Valuation schedules will be derived used information obtained from the NADA Manufactured Housing Appraisal Guide. The schedule is comprised of square foot values categorized by make, model, and size. These square foot values will be further modified to reflect regional and local adjustment factors. After the schedule is developed and entered into the CAPPA system, adjustments will be made to individual units for observed functional and economic obsolesces based on on-site inspections, renditions, sales information or other data supplied to the district.
- Model Specification: The personal property department coordinator will derive cost schedules for mobile homes using the NADA Manufactured House Guide. These schedules will be based on single or double wide classification, quality, and feature characteristics. In the reappraisal year, the mobile home cost schedules will be reviewed and modified as needed in order to conform to changing market conditions
- Model Calibration: Mobile Home Valuation Models will be calibrated by adjusting the mass appraisal formulas, tables and schedules to reflect current local market conditions. Information gathered from property owner renditions, hearings, Transunion sales data, and other sources will be used as needed for value model calibration. When sales data is available, cost-to-sale ratios will be compared to the appraisal-to-sale ratios in order to determine the market if adjustment factors should be utilized.
Statistical Analysis:
Summary statistics including, but not limited to, the median, weighted mean, and standard deviation will provide the personal property department an analytical tool by which to determine both the level and uniformity of appraised values can be determined.
