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Updated over 12 years ago,
Property Tax - 2 Condos in same development
Question for you experts out there. I own 3 properties in the Nashville area, and 2 of them are rentals in the same condo development. I just got the results back from the current year tax assessor. Apparently there is a rule that if you own more than 1 rental dwelling in the same building, the tax rate is classified as commercial as opposed to residential. Commercial rates are much steeper than residential. Essentially I have been bumped to a 2012 tax rate that is about 50% higher than I paid in 2011. Last year I lived in one of these units, hence only 1 rental.
Any suggestions on ways to get this classified back to residential status? If I quit-claimed the deed to an LLC, could I then appeal the most recent assessment? Any guidance is appreciated, thanks!