Which code would be assigned to a sale through estate liquidation?

The correct assignment of NU-10 to a sale through estate liquidation is based on the specific categorization of property sales according to New Jersey property tax assessment guidelines. Sales identified by this code refer to circumstances where property is sold as part of settling an estate, which often occurs after the owner has passed away. Estate liquidations typically involve the sale of a deceased individual's assets to convert them into cash for distribution among heirs or to settle debts.

Using the appropriate code ensures that the sale is accurately recorded and considered in property assessments, reflecting typical market behaviors under similar conditions. The designation also helps in statistical analysis and in making future assessments fair and aligned with market values, as estate liquidations can have unique circumstances affecting the sale price which differ from regular market conditions.

Other codes such as NU-9, NU-11, and NU-12 may correspond to different types of property transactions, such as foreclosure sales, new construction sales, or other specialized types of transactions that don't reflect the unique nature of an estate liquidation.