No exemption will be allowed if the property taxes are delinquent for more than a year.
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It is a real property exemption of up to $200,000 on a parcel that is occupied as a long-term rental for twelve (12) consecutive months or longer to the same tenant. The exemption will be effective January 1, 2022.
You must apply for the exemption by December 31 and attach a copy of the signed long-term lease agreement.
The application can be found on the Real Property Assessment Division website.
Scroll down to Exemption Forms.
You will be eligible for a $100,000 long-term rental exemption in addition to the home exemption and your property will still be classified as Owner-Occupied.
More than one exemption is only allowed if they are on separate parcels.
Any portion used for commercial purposes will not be entitled to the long-term rental exemption.
If the parcel does not qualify for a home exemption, the home must be occupied as a long-term rental, with a signed contract to lease for twelve (12) consecutive months or longer to the same tenant. A long-term rental exemption application must be filed with the RPA Division by December 31.
The owner must report any change in use to the RPA Division within thirty (30) days of that change. The property will be reassessed at its highest and best use.
No, you would qualify for the home exemption ($200,000) on the portion of the home that is not rented.
Condominiums that are one unit, regardless of zoning, would qualify for the $200,000 long-term rental exemption.
One house would get the $200,000 exemption. The entire property gets the long-term rental rate, as long as none of the homes are rented short term.
No. Even if you rent to yourself, you are still an owner. (MCC 3.48.150 defines unusual ownership situations.)
If you do not live there 12 months, no. MCC 3.48.466 states that for twelve (12) months, the dwelling must be:
If you live elsewhere or do not have a U.S. visa that allows you to occupy for 12 months, you do not qualify.
If you live there all year long, we suggest that the LLC rent to you for 5 or 15 years, so that you can qualify for the home exemption.