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Property that consists of homes, apartments, townhouses, and condominiums.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
(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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.