Law Omits How To Assess Trailer Park Co-Op: Calif. High Court

Law360, New York (January 23, 2014, 5:49 PM EST) -- The Supreme Court of California ruled Thursday that a state statute that addresses how membership shares in mobile home parks should be assessed when they are transferred doesn't provide a specific appraisal method that must always be followed, overturning a lower court ruling.

Under California law, if a mobile home park has been purchased by a nonprofit comprising the park's residents, a portion of the property must be reassessed when the residents transfer their interest in the park or their property to outsiders. An Assessment Appeals...
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