2002 FEBRUARY - Laserfiche WebLink

6.60.040 (f) Add the amounts in (b), (c), (d) and (e). This equals the monthly rent for 2003. (g) Add the capital improvements cost, if any, to (f). Round to the nearest half dollar. This is the adjust- ed monthly rent for 2003. See the examples in exhibits B-1, B-2 and B-3 at the end of this chap- ter. For 2004 and thereafter: (e) Calculate the real property taxes; provided, however, that if there has been a change of ownership (see California Revenue and Taxation Code, section 60 et seq.) and, regard- less of when the change in ownership occurred, the real property taxes paid for the year (ending September 30) have increased more than 105% of the real property taxes paid for the prior year (ending September 30), the real property taxes shall be calculat- ed as set forth in subsection 6.60.OSOC of this chapter. (Steps (a) and (b) that were per- formed for 2003 are not necessary.) (c) Multiply the base rent for the previous year by the cost of living, but not by less than 1% nor by more than 5%. (This amount, when added to the base rent for the previous year, yields the base rent for the next year. For example, to calculate the base rent for 2004, multiply the 2003 base rent by the 2003 cost of living (but not less than 1% nor more than 5%) and add that amount to the 2003 base rent.) (d) Calculate the operating expens- es including any carryover expenses from the previous year or years; provided, however, that this amount shall not exceed 105% of the previ- ous year's allowable operating ex- penses; to the extent it does, the excess shall be carried over to the next year's operating expenses but subject to the 105% limitation. (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 con- strued to require that the park owner increase rents in any given year by the maximum permitted under this chapter. If a park owner increases rents in any year by less than the maximum permit- ted 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 192-45 (Pleasanton February 2002)