What property class is used for personal property?

The correct answer pertains to the classification system used in New Jersey for property tax purposes, specifically relating to personal property. In New Jersey, personal property is classified under Class 6. This class includes tangible assets owned by businesses, such as machinery, equipment, and inventory, which are not real estate. Understanding this classification is essential for tax assessors, as it directly affects assessment rates and property taxation for businesses.

Different classes are designated for various types of properties, such as residential real estate, farmland, and commercial properties, which are organized differently; thus, recognizing personal property as Class 6 helps to delineate it from these other property types. This classification enables effective taxation and ensures that all property types are accounted for appropriately within the jurisdiction.