Which Basic Property Class Code indicates a property developed for residential neighborhoods?

The Basic Property Class Code that indicates a property developed for residential neighborhoods is characterized by the term "Tract." This classification typically encompasses areas that have been subdivided into individual lots for single-family homes or groups of homes built in a planned development. Such properties often feature the infrastructure needed for a residential community, including roads, utilities, and often common areas or amenities.

In contrast, the classification for Multi-Family properties pertains to residential structures that house multiple families, such as apartments or condominiums, rather than single homes in a neighborhood setting. The Recreation classification refers to properties designated for recreational use, like parks or sports complexes, which do not serve as residential developments. Lastly, the Forest classification involves properties primarily composed of forested land, often used for timber production or conservation, and does not represent residential property developments.