A rental property investor in Ohio owns a multi-unit apartment building. Regarding property tax credits, which statement is MOST accurate about this property?
Correct Answer
C) The property qualifies for neither the rollback nor the owner-occupancy credit because it is a business property
A multi-unit apartment building operated as a business does not qualify for the 10% non-business property rollback (which applies to non-business real property) or the 2.5% owner-occupancy credit (which requires the owner to occupy the property as their residence). Commercial rental properties are classified as business property.
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