Which property classification pertains to new condominia?

The correct classification for new condominia is Tax Class 1A. This classification is specifically designed for residential properties that are owner-occupied, which includes newly constructed condominiums. Tax Class 1A primarily applies to properties that are primarily residential with a focus on encouraging home ownership and providing certain tax benefits to homeowners. This classification generally offers a lower tax rate compared to commercial properties, thus promoting the development and sale of new condominium units.

Other classes do not apply to new condominia as directly as Tax Class 1A does. For instance, Tax Class 1B typically includes buildings that are primarily residential but not meeting specific criteria for owner occupancy that would qualify them as 1A. Tax Class 2 generally covers commercial properties and mixed-use buildings, which would not represent new condominia adequately. Tax Class 3 primarily applies to utility and special franchise properties, again not relevant to the classification of residential condominiums. Thus, the classification of new condominia under Tax Class 1A aligns with the intent to support and promote residential home ownership in New York City.