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residential property |
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Residential property Property that consists of homes, apartments, townhouses, and condominiums. Residential Property Any property that a municipality has designated for single family homes, apartments, co-operatives, townhouses, and any other place where people live. Mortgages on and income from residential property are often (though not always) entitled to preferential tax treatment. residential property (1) In real estate brokerage, commonly used to signify an owner-occupied residence, even though a rental house is technically a residential property. (2) For tax purposes,any rental property in which at least 80 percent of the income is from dwelling units. Residential property enjoys a 27.5-year depreciation period, while normal commercial property must be depreciated over 39 years. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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