There are a number of special exemptions available to commercial properties that serve a very specific purpose. Among these are: properties that offer Affordable or low-income housing to a segment of the population (LIH), Pollution Controls or organizations that perform charitable or religious activities. Refer to the Taxpayer Resources and Forms tabs for further information.
There are 5 major commercial property categories:
Commercial Land, Office, Retail, Multifamily (Apartments) and Industrial.
Each type may have different subcategories due to size, service provided or target tenant. For example:
– in the Multifamily type there are Conventional apartments, Low income Housing Apartments or student housing apartments.
– In the Retail category you may have your Retail indoor Malls or neighborhood shopping centers.
All categories and subcategories are valued using their own unique characteristics and attributes which may be different from the major to sub-category.