What signifies a transfer of property that involves no monetary exchange?

In the context of property transactions, a transfer of property that involves no monetary exchange is typically documented through designated forms that indicate the nature of the transaction. The NU-1 form specifically signifies a transfer of property that occurs without any financial consideration, such as a gift or an inheritance. This differentiates it from the other forms which may pertain to transfers with monetary value or different types of transactions. Understanding this particular form is essential for tax assessors as it helps in accurately recording property ownership changes and ensuring that proper tax assessments are applied according to the nature of the transfer. This knowledge is crucial for maintaining up-to-date records and assisting in accurate property evaluations, which are essential functions of the role of a tax assessor.