How are Class 2 properties classified?

Class 2 properties in New Jersey are classified as residential properties. This classification encompasses a broad range of residential property types, including single-family homes, multifamily units, and various structures specifically intended for habitation. The classification is essential for taxation purposes, as it influences the assessment process and the tax rates applied to the properties.

Properties categorized as Class 2 are assessed based on their market value and the standards outlined by state law. This classification reflects the primary use of the property for residential living, which is a key factor in determining local property tax rates and ensuring that residential areas are appropriately evaluated within the broader context of municipal finance.

Other classifications, such as vacant land, commercial, and industrial properties, fall outside of Class 2, indicating different uses and implications for tax assessments. Therefore, understanding that Class 2 properties represent residential real estate is vital for accurate assessments and compliance with New Jersey tax laws.