Class 2 property means property that is owned or controlled by a state university or college or that is owned or controlled by another state agency concerning which there is a federal encumbrance or monetary interest that limits or prohibits the exploration or drilling for oil or gas on the property.

What is property Class 2 in NJ?

(b) Class 2: “Residential Property” means property described generally as a dwelling house and the lot or parcel of land on which the dwelling house is situated. The dwelling is functionally designed for use and enjoyment by not more than four families and includes residential condominiums.

What is a tax class 2?

There are four primary tax classes of real property in New York City: Class 1 – small primarily residential, such as 1, 2 & 3 family houses; Class 2 – primarily residential with four or more units; Class 3 – utilities; and Class 4 – commercial.