Certain condominium owners may now consider dedicating their properties for Residential Use for a five-year period if their units are being used as a primary residence, or a long-term rental (longer than 30 days at a time).
This option will allow the properties that are currently on land zoned as mixed use, hotel, or commercial, and whose Declaration of Condominium or Horizontal Property Regime specifically states that the unit is allowed to be used as residential, to be classified as Residential, and thereby eligible for the historically lower real property tax rate.
On June 16, 2017, the Real Property Assessment Division … (3 comments)
RESIDENTIAL USE DEDICATION
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