What will occur after a property changes ownership?
When a property transfers, the following year’s SEV, by statute, becomes that year’s Taxable Value. There is no limit to the change, so the amount of property taxes that were billed to the seller may be much less than the taxes that will be billed to the new owner in the year following the transfer. The Taxable Value of a transferred property will become “capped” again in the year after a transfer and will be limited to inflation or five percent in the following year, and for as long as the property ownership is not transferred again.

It is the responsibility of the buyer in a transfer to file a Property Transfer Affidavit (2766) form with the Assessing Office within 45 days of the property transfer. Blank affidavits are available at the City Assessing Office and on the Department of Treasury website or the City’s website.Department of Treasury

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1. What is Proposal A?
2. How are assessed values determined?
3. When will I receive my assessment notice?
4. What will occur after a property changes ownership?
5. What is a principal residence exemption?
6. What is a conditional rescission of principal residence exemption?