What type of property does the New Jersey Homestead Benefit apply to?

The New Jersey Homestead Benefit applies specifically to single-family residences. This program is designed to provide property tax relief to homeowners who occupy their homes as their primary residence. The benefit aims to reduce the burden of property taxes on these owners, thereby making homeownership more affordable.

Single-family residences are eligible because the program is focused on supporting individuals and families living in their own homes, rather than commercial or rental properties where the owner does not reside. Other types of residential properties, such as multi-family dwellings or condominiums, may have different criteria or may not be eligible for the same type of benefit under this program, emphasizing the specific focus on single-family homes as the target for tax relief.