Which code is assigned to short sales?

The code assigned to short sales is NU-13. This designation is part of the New Jersey property tax assessment codes, specifically related to the reporting and tracking of different types of property sales. Short sales occur when a homeowner sells their property for less than the amount owed on the mortgage, typically to avoid foreclosure. This specific code helps assessors categorize these transactions accurately, allowing for proper data analysis and understanding of market trends.

Other codes, while also part of the property tax classification system, do not apply specifically to short sales. Each code serves a different type of transaction or property class, highlighting the importance of accurate categorization in the assessment and taxation process. This ensures that property values are assessed correctly, which is essential for fair taxation.