What classification does a newly constructed condo with three stories or less belong to?

A newly constructed condominium with three stories or less typically aligns with Tax Class 1A (TC 1A). This classification is designated for residential properties that are primarily owner-occupied. It encompasses one, two, and three-family homes, as well as certain new residential structures, including low-rise condominiums that meet the specified height and usage criteria.

Tax Class 1A provides a range of benefits, including lower tax rates, particularly aimed at supporting and encouraging home ownership. The classification signifies an intent by the city to promote residential stability and affordability within the housing market.

For condominiums specifically, being classified under TC 1A indicates that they consist of units designed for less intense development than those found in larger multi-family dwellings or commercial properties, which are typically classified under different tax classes. Thus, new constructions with these characteristics will fall into Tax Class 1A, allowing for favorable treatment in property tax assessments.