N.J. Admin. Code § 18:28-2.13
Where a multiple-family dwelling is owned by a claimant who resides in a portion thereof, the assessor shall aggregate the assessment on the lot or curtilage and building, and allow an exemption of that percentage of the aggregate assessment as the value of the veteran's residential dwelling bears to the value of the entire building.
Example 1
Assessed value: $ 300,000
Annual property tax: $ 5,725
Property owner #1 50% ownership
Assessed value: $ 150,000 Share of property tax: $ 2,862.50
Property owner #2 (veteran) 50% ownership
Assessed value: $ 150,000 Share of property tax: $ 2,862.50
Owner #2 (veteran) is exempt in the amount of $ 150,000 of assessed value on the property.
Total property tax = $ 2,862.50 for the year to nonveteran.
Example 2
Assessed value: $ 100,000
Annual property tax: $ 2,000
Property owner #1 25% ownership
Assessed value: $ 25,000 Share of property tax: $ 500.00
Property owner #2 (veteran) 25% ownership
Assessed value: $ 25,000 Share of property tax: $ 500.00
Property owner #3 25% ownership
Assessed value: $ 25,000 Share of property tax: $ 500.00
Property owner #4 25% ownership
Assessed value: $ 25,000 Share of property tax: $ 500.00
Owner #2 (veteran) is exempt in the amount of $ 25,000 of assessed value on the property.
Total property tax = $ 1,500 for the year to nonveterans.
N.J. Admin. Code § 18:28-2.13