What is a property transfer affidavit?
It is a Michigan Department of Treasury form that must be filed whenever a property transfers ownership. A Property Transfer Affidavit (L-4260) must be filed by the new owner with the Assessor’s office where the property is located within 45 days of the transfer (even if you are not recording a deed). Click here to go to the Forms and Permits page of the website to view/print the Property Transfer Affidavit. The affidavit must state the parties to the transfer, the date of the transfer, the actual consideration for the transfer and the property’s parcel identification number or legal description.
Ans: Whenever real estate or some types of personal property are transferred from one owner to another, this form must be filed. 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. This form is issued under Authority of P.A. 415 of 1994, and filing is mandatory. (The Property Transfer Affidavit can be found on the Assessing Department’s Form Section.
This form allows accurate yearly updates of sales information. The affidavit must be filed whenever property changes ownership as this affects the taxable value of a property. Failure to file this form can result in penalties of $5 per day up to a maximum $200. Filing is mandatory.(Click to download form.
