A residential condominium is classified as what type of property for tax purposes?

A residential condominium is classified as homestead property for tax purposes because it is used as a primary residence by its owners. Homestead classification typically applies to residential properties that are owned and occupied by individuals as their principal home. This classification often provides certain tax benefits, such as a reduction in the assessed value for property tax calculations, making it more affordable for homeowners.

In contrast, commercial properties are used primarily for business purposes, non-homestead properties may include second homes or investment properties that are not occupied by the owner, and investment properties are primarily acquired for generating rental income or appreciation in value. The distinction is essential for understanding how property is taxed and what potential benefits might be available to property owners.