To be considered multi-unit residential property, a parcel of real estate must be set up to accommodate several households in separate units.
Multi-unit residential appeals involve several factors including:
- Capitalization rates
- Comparable properties
- Errors
- New construction
- Operating income
- Tenant rental income
- Vacancies
Newly constructed homes and buildings tend to have higher property taxes than older properties of similar size. For many multi-unit residential property owners, property taxes represent one of the largest expenses in owning Illinois real estate.
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https://appeal.tax/2021/02/08/understanding-multi-family-property-tax-appeals/
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