ORD 1843 - Laserfiche WebLink

(f) Add (c) + (d) + (e) to the base rent to yield the monthly rent. (g) Add the capital improvement costs, if any, to (f). Round to the nearest half dollar. This yields the adjusted monthly rent. See the example in Exhibit B-3 at the end of this Chapter. C. Transfer of Ownership. There shall be no space rent adjustment upon a Transfer of Ownership. D. Increases Less Than Maximum Permitted. Nothing herein shall be construed to require that the park owner increase rents in any given year by the maximum permitted under this Chapter. Ifa park owner increases rents in any year by less than the maximum permitted pursuant to this Section, then the park owner shall have the right in the next subsequent year to increase rents by the difference between the maximum permitted rent increase pursuant to this Section for the two year period and the actual rent increase in the first year. E. Compliance With State Law. Rent increases permitted pursuant to this Section shall not be effective and shall not be demanded, accepted, or retained until the park owner has given the notices required by State law. 6.60.050 Calculations Of Real Property Taxes Upon Change of Ownership. For purpose of the calculations in this Section, where the term real property taxes is used, calculate these taxes by dividing such taxes by 12 and further dividing by the number of mobilehome spaces within the mobilehome park. A. Calculations for Formula A. If there has been a change of ownership (see California Revenue and Taxation Code section 60 et seq.) and, regardless of when the change of ownership has occurred, the real property taxes for the year (ending September 30) are more than 105% of the real property taxes for the prior year (ending September 30), the real property taxes shall be calculated as set forth herein. (1) Calculate the difference between the real property taxes for the year (ending September 30) in which the real property taxes increased more than 5% as a result of a change in ownership and the real property taxes in the prior year, with such difference divided by 4. (For example, assuming the real property taxes increased in 2003 (ending 9/30) by more than 105% of the real property taxes in 2002 (ending 9/30) due to a change of ownership, for calculating the rent for 2004, (1) would be 1/4 of the difference between the September 30, 2003 and the September 30, 2002 real property taxes.) The remaining dollar difference calculated in (1) (i.e., 3/4 of the difference) shall be added over the next three years in equal increments. In those three years (and assuming no further change of ownership), the real property taxes shall be calculated as follows: in the first year, (1) above and (2) the difference between the real property taxes for the year following the year identified in (1) and the year identified in (1); in the second year, (1) + (2) above and (3) the difference in the real property taxes between the second year following the year identified in (1) and the first year following the year identified in (1); in the third year, (1).+ (2) + (3) above and (4) the difference in the real property taxes 11