What type of property includes commercial, industrial, special franchise utility property, and vacant land?

The correct answer identifies non-homestead property as encompassing a wide range of property types, including commercial, industrial, special franchise utility properties, and vacant land. This classification is important for understanding property tax assessments and regulations, as non-homestead properties are typically those that are not used as a primary residence.

Commercial properties are utilized for business activities, while industrial properties are suited for manufacturing and production. Special franchise utility properties refer to assets that utility companies own, such as equipment and infrastructure necessary to provide services. Vacant land, which might be intended for future development or investment, is also classified under this category.

Understanding the distinction between non-homestead and other property types is essential for real estate professionals, as it can significantly impact valuation, taxation, and investment strategies. In contrast, homestead property specifically refers to a primary residence and conveys different legal and tax considerations. Meanwhile, residential and duplex properties are forms of housing and do not include the broader commercial or industrial categories encompassed by non-homestead properties.