In an opinion issued on rehearing in Assessor for County of Santa Barbara v. Assessment Appeals Board No. 1 (— Cal.Rptr.3d —-, Cal.App. 2 Dist., August 30, 2012), the court of appeal once again found that when reassessing the value of a mobilehome space in a mobilehome park, the proper method of valuation is contained in Revenue and Taxation Code section 62.1. Section 62.1, subdivision (c), requires that the value of a mobilehome space on reassessment must be based on a pro rata portion of the real property of the entire mobilehome park. The value at a change of ownership in a space in a mobilehome park, where the park is a non-profit corporation formed by the tenants, must be determined by multiplying the fractional interest in the mobilehome park that changed ownership by the fair market value of the entire park at the time of the sale of the fractional interest.
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