2002 FEBRUARY - Laserfiche WebLink

6.60.Q40 (a) From the adjusted monthly rent subtract the capital improvement costs (see section 6.60.100 of this chapter) if any, and the real property taxes. This is the monthly rent. (b) Multiply (a) by the cost of living, but not less than 1% nor more than 5%. (c) Calculate the real property taxes as provided in subsection 6.60.OSOA of this chapter. (d) Add the amount in (b) and (c) to the monthly rent. (e) Add the capital improvement cost, if any, to (d). Round to the nearest half dollar. This is the adjust- ed monthly rent. 3. Formula B: If a park owner selects formula B, the adjusted monthly rents shall be adjusted no more than once annually, beginning January 2003, and shall be calculated as set forth below: For 2003: (a) From the adjusted monthly rent, subtract the capital improvement costs (see section 6.60.100 of this chapter), if any. This is the monthly rent. (b) Subtract from (a) the operating expenses and the real property taxes paid from October 1, 2000, through September 30, 2001. This equals the 2002 base rent. (c) Multiply (b) by the cost of liv- ing, but not by less than 1% or by more than 5%. (This number repre- sents the park owner's "return on investment"; when added to the base rent in (b), it yields the base rent for 2003.) (d) Calculate the operating expens- es paid between October 1, 2001, and September 30, 2002, and include any carryover operating expenses from the previous year or years; provided, however, that this amount shall not exceed 105% of the allow- able operating expenses (including carryovers from previous year or years) paid between October 1, 2000, and September 30, 2001; to the ex- tent it does, the excess operating expenses shall be carried over to the next year's operating expenses, but also subject to the 105% limitation. (e) Calculate the real property taxes paid between October 1, 2001, and September 30, 2002; provided, how- ever, that 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 occurred, the real property taxes paid between October 1, 2001, and September 30, 2002, have increased more than 105% of the real property taxes paid between October 1, 2000, and Sep- tember 30, 2001, the real property taxes shall be calculated as set forth in subsection 6.60.OSOB of this chapter. (Pleasanton February 2002) 192-44