What is a consequence of not filing a Property Transfer Affidavit?

Not filing a Property Transfer Affidavit can lead to the property being improperly assessed. This form is essential for the local assessor to understand a change in ownership, which directly influences how the property is valued for tax purposes. When a transfer occurs and the affidavit is not submitted, the assessor may not be aware that there has been a change in ownership. Without this vital information, the new owner may not receive the appropriate property assessment based on current market conditions or changes in property use. This could result in an assessment that does not accurately reflect the true value of the property, potentially leading to either over-assessment or under-assessment in property taxes.

The other consequences listed do not accurately reflect the ramifications of not submitting the affidavit. For example, a lower assessed value or a state of being tax-exempt are not direct results of failing to file the document; rather, they may inaccurately suggest that the failure to file provides some financial benefit, which is not the case.