What is a Property Transfer Affidavit?

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).

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1. What does the Assessing Department do?
2. What is the difference between Assessed Value and Taxable Value?
3. How are my property taxes calculated?
4. How is my property value calculated?
5. Shouldn’t the Assessed Value be half of what I paid?
6. I recently purchased a home. Will my property taxes be the same as the prior owner’s taxes?
7. What is the Principal Residence Exemption or “Homestead” exemption?
8. Are there any other exemptions/reductions available to me?
9. What is a Property Transfer Affidavit?
10. What is the Real Property Statement that you mailed to me and why are you asking me for this information?
11. What if I am unhappy with my assessment?