Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
505.0000 HOMEOWNERS' EXEMPTION
1. The exemption is allowable where an owner's deed grants to him a percentage interest in the property and the right to the exclusive occupancy of a particular apartment even though the interest is not separately assessed, as it should be.
2. A leasehold or subleasehold condominium does not qualify for the exemption.
3. The exemption may be allowed on a condominium where a portion of the improvement is owned in fee but the land is leased. LTA 3/23/1982 (No. 82/50).