What is a "Property Transfer Affidavit"?

A "Property Transfer Affidavit" is specifically a document that must be filed when there is a change in real property ownership. This affidavit is significant because it helps local assessors determine the new assessed value of the property. The value must reflect the most recent sale or transfer to ensure that property taxes are accurately calculated based on the current market conditions.

When the ownership of a property changes, it can trigger a reassessment of that property, as the sale price often provides insight into its value. This process is crucial for maintaining equity in property taxation, as it ensures that properties are taxed based on their fair market value at the time of ownership transfer.

The other options, while related to property and taxation, do not accurately describe the nature or function of the Property Transfer Affidavit. For instance, transferring property title involves a deed, not an affidavit, and notices for tax due dates and tax payment requests are separate administrative functions in managing property taxes.