Property tax breaks for homes in mixed-use buildings

If a parcel has a mixture of both residential and commercial use within the same building, it may be entitled to the following exemptions: (1) A one hundred thousand dollar ($100,000) exemption for each residential unit in a mixed-use building; and (2) A one hundred fifty thousand dollar ($150,000) exemption for each residential unit in a mixed-use building that meets the lease and rent requirements of a long-term affordable rental pursuant to Section 5A-11A.1(a). For all qualifying residential units, the exemptions apply to the total assessed value with a maximum reduction to the assessment of 25% for residential units or 35% if more than 50% of the units meet the lease and rent requirements of a long-term affordable rental. The underlying tax class is to remain Commercial. The maximum reduction amount is based on the difference between the Non-Owner-Occupied Residential tax rate or the Owner-Occupied Mixed-Use tax rate and the Commercial tax rate.The exemption shall be valid for one tax year and it shall be the responsibility of the owner to annually file an application for a residential unit in a mixed-use building pursuant to Subsection (a) of this Section on or before September 30 immediately preceding the tax year for which the exemption is claimed.Any owner claiming the beneficial tax rate for long-term affordable rentals in a mixed-use building pursuant to Section 5A-11A.1, shall not be eligible to claim an exemption pursuant to Subsection (a) of this Section.