A Property Transfer Affidavit (PTA) must be filed whenever real estate or some types of personal property are transferred (even if you are not recording a deed or the transfer occurs via a land contract). The form is used by the assessor to ensure the property is assessed appropriately and to make the proper transfer of ownership determination.
The PTA must be filed by the buyer/grantee at the Assessing Department within 45 days of the transfer. If the PTA is not timely filed then the owner is subject to a penalty. For residential property, the penalty is $5 per day (maximum $200). For commercial and industrial property, the penalty is $20 per day ($1,000 maximum).