What code represents the sale of a property that has been substantially improved?

The code that represents the sale of a property that has been substantially improved is identified as NU-7. This code is essential for tax assessors and real estate professionals as it provides specific classification that indicates significant enhancements have been made to a property, which can affect its assessed value and marketability.

Substantial improvements typically involve modifications that enhance the property's overall condition, functionality, or aesthetic appeal, such as renovations, additions, or major repairs. By using the NU-7 code, assessors can accurately document these transactions, which can assist in assessing future tax implications and property evaluations. This classification is important for maintaining accurate records of property sales and understanding the impacts of improvements on property value trends within a given area.