Which type of property is classified as "Non-Homestead Property"?

Non-Homestead Property refers to properties that are not the primary residences of their owners. This classification plays a crucial role in property tax assessment and the application of tax rates. Rental or commercial properties fall under this category because these properties are utilized for business purposes or as income-generating assets rather than as the owner's primary living space. Consequently, they do not benefit from the same tax exemptions or lower tax rates typically available to owner-occupied homes.

In contrast, owner-occupied residential properties are classified as homestead properties since they are the primary residences of the homeowners. Vacant lands without structures may also not be classified as homesteads, but they can vary in classification based on potential future use or zoning. Properties designated for agricultural use can qualify for specific tax exemptions but are generally treated differently than commercial or rental properties regarding taxation. Understanding these classifications is essential for navigating property tax implications effectively.