According to DC Code § 47-813, a Class 1 property is established if the property is comprised of improved residential real property, is occupied by the owner, contains not more than 5 dwelling units, and is used exclusively for non-transient residential dwelling purposes. Class 1 properties benefit from lower tax rates as compared to other property class designations.
We have created the associated model form for ROD-21, which is an affidavit for a Class 1 property. Borrowers can file this at the tax department to secure Class 1 property tax treatment. As this is not typically a loan transaction document, we will be providing this document “upon request.” If you wish to have this document in your loan packages, please contact your Account Manager.
This new document is available immediately. If you have any questions or concerns about this new document, please contact Client Support at 1.800.497.3584.