When selling a mobile home in Sarasota, who pays the tax?
When we work with mobile home Buyers and Sellers in Sarasota, they oftentimes have many questions and concerns about how the closing is done when selling a mobile home on leased land.
Have you been curious as to who pays the tax on a mobile home that’s sold on leased land?
Wondering who the tax is paid to and for how much?
We have learned that providing a thorough explanation to both the Buyers and Sellers about who pays what tax and when prior to the closing of a mobile home on leased land helps tremendously once the home is ready to be sold.
Mobile homes on leased land are taxed in the state of Florida as personal property. This is the same way a boat or a vehicle is taxed. The reason for this is, is that the Buyer of this mobile home is just buying the home and renting the land underneath.
If the Buyer were to buy the home and the land that sits on it, then the home would be viewed as real estate and not as a traditional personal property transaction.
In the following example we’ll go over, I’ll assume that the transaction of the mobile home on leased land is being handled by a licensed, bonded, and insured mobile home broker within the state of Florida, such as we, at the Mobile Home Dealer.
One of the huge advantages of working with a licensed mobile home broker is that one of our requirements by the state is to ensure proper transfer of title from the Seller to the Buyer.
With this understanding, the tax on a mobile home on leased land is paid by the Buyer of the mobile home to the broker at the time of closing.
This tax payment is then paid by the broker to the state of Florida on behalf of the buyer.
When the mobile home is purchased in Sarasota County, the tax will be assessed at 7% of the total purchase price; 6% is paid to the state of Florida and 1% is a Sarasota County tax.
When buying a mobile home on leased land in Sarasota County, it is important for all Buyers to take the 7% sales tax into consideration when making an offer on the mobile home.
Do Not Forget This!
The last thing anyone wants to do is to agree to a purchase price of a mobile home only for you not to be able to afford the tax when you go to close on a home!
That will cause a major problem when trying to move into the home that you have been dreaming about!
The lack of a real estate tax for mobile homes is just one of many reasons why people are moving into mobile homes in the Sarasota Florida area, especially during the holiday seasons. Aside from affordability, simplicity, and great neighborhood, the country offers great places, events, and activities for out-of-state visitors. If you are planning to visit Sarasota this holiday season, add the following to your list.
Mote Marine Laboratory and Aquarium
Located in The Thompson Parkway, the Mote Marine Laboratory and Aquarium presents a variety of exhibitions that include fascinating marine animals such as turtles, eels, and otters. There is even a dedicated shark tank that contains more than 100,000 gallons of water.
Although the cost of the entrance is relatively high, most guests find that they have good value for money, considering everything to see and do.
Myakka River State Park
Composed of a variety of unique habitats such as meadows, lakes, rivers, and wetlands, the Myakka River State Park extends over almost 60 square miles. It offers visitors a variety of activities that will bring them closer and more familiar with the natural world.
Marie Selby Botanical Gardens
Located on South Palm Avenue, the Marie Selby Botanical Gardens opened to the public more than four decades ago and include thousands of species of plants and flowers in various different cultivated gardens and greenhouses.
For those who travel with children, the gardens of butterflies and tropical jungle are the usual favorites. There are even caves, rope bridges, and incredible ponds of oriental theme colored fish that are worth exploring.
The gardens are an oasis of serenity and natural beauty in a city otherwise, so consider passing when it has been filled with the most commercial tourist attractions in the area.
Florida Maritime Museum
With more coasts than almost any other state, it is not surprising that Florida has such a rich maritime history.
Located on four acres in the historic city of Cortez, the Florida Maritime Museum is in an old school that was originally built more than 100 years ago.
The exhibitions and objects of interest of the museum focus mainly on commercial fishing and maritime transport and include an interesting combination of ship records, photographs, first-hand stories, and a variety of nautical equipment.
The museum also includes a research library that is one of the largest of its kind. Most guests dedicate between one and two hours to the facilities.
There are really a lot of great places to visit and fun things to do in Sarasota Florida and these are all possible if you have a mobile home sitting nearby!
This is Mark Kaiser with a Mobile Home Dealer and we help mobile home buyers and sellers get to a better place in life.