Originally Posted by EowynofRohan
Is the owner of a house with a legal accessory apartment supposed to live in the main part of home? Or can both areas be legally rented?
I am trying o figure out the difference with a legal 2 family and a legal accessory apartment. Are the taxes cheaper for one over the other?
A house with an accessory apartment MUST be owner occupied.
A "legal 2" does NOT.
FYI, different Towns use the term "legal 2" differently. For example: In the Town of Huntington, a "legal 2" means two legal apartments which can be rented independently without the owner living in one. In the Town of Babylon, "legal 2" means "legal accessory apartment" vs. "legal 2 by CO", which does not need to be owner occupied
Learned that years ago when I was showing what I thought were great investment properties until I was ready to make an offer on a couple, did more in-depth research - only to find out the difference! Nothing like first hand experience to teach you quickly