Which assessment class is designated for residential properties?

The designation of Class 1 for residential properties is based on property assessment classifications established to categorize different types of real estate based on their use. Class 1 is specifically assigned to residential properties, which typically include single-family homes, duplexes, and multi-family units.

This classification is important for taxation purposes, as it outlines the basis for how properties are assessed and the corresponding tax rates that apply. Residential properties often have different tax considerations compared to commercial or industrial properties, which are classified under other categories. This distinction ensures that residential property owners are assessed in a manner that reflects the nature of their properties and provides a balanced approach to taxation within the jurisdiction.

The other classes are generally reserved for commercial, industrial, or other non-residential uses, which means they do not pertain to residential property assessments. Understanding these classifications helps property managers and owners navigate their obligations and rights concerning property taxes and assessments accurately.