What classification does industrial property fall under?

Industrial property in New Jersey is classified under category 4B. This classification specifically pertains to land and buildings that are used for industrial purposes, such as manufacturing, warehousing, and distribution facilities. The 4B classification reflects the unique characteristics and economic functions of industrial properties, which differ from those of residential or commercial properties.

This designation is essential for tax assessment purposes, as it allows for a more accurate valuation based on the specific uses and income potential associated with industrial properties. The categorization into 4B also helps local governments and tax assessors in determining the appropriate tax rates and policies that apply to industrial developments.

Understanding this classification is crucial for anyone involved in property valuation and taxation, as it impacts the fiscal planning and operational strategies of both property owners and municipalities.