What is a property transfer affidavit?
Changes in state law after Proposal A created a requirement for property transfer affidavits to be filed on all transfers not specifically exempt. An affidavit must be filed whenever title of real estate or buildings on leased land is transferred. It must be filed even if you are not recording a deed. Filing with the local assessor is mandatory.
A Property Transfer Affidavit MUST be filed whenever real estate or some types of personal property are transferred (even if you are not recording a deed). It is used by the Assessor to ensure the property is assessed properly and receives the correct Taxable Value. It must be filed by the new owner with the Assessor for the City or Township where the property is located within 45 days of the transfer. If it is not filed timely, a penalty of $5/day (maximum $200) applies. The information on this form is NOT confidential. Transfer of ownership means the conveyance of title or the beneficial use of the property. There are both partial and whole transfers of ownership. The Assessor s office will determine the correct percentage and uncap the Taxable Value accordingly. Please see Taxable Value Calculation listed above for more information.
P.A. 415 defines transfers and requires that whenever a property transfers ownership, a Property Transfer Affidavit must be filed by the new owner with the assessing officer (even if you are not recording a deed) within 45 days of the transfer. This affidavit must disclose the following: · The parties to the transfer · The date of the transfer · The actual consideration for the transfer (ie: dollar amount), and · The property identification number or legal description. The property Transfer Affidavit must be filed within 45 days of transfer.
