Change In Ownership Reappraisals
When a transfer occurs, the Assessor receives a copy of the deed and determines if a re-appraisal is required under State law. If required, an appraisal is made to determine the new market value of the property as of the date of transfer. The actual sales price is a strong indicator of value, but it is not the only factor used in establishing the assessed market value. Sales of comparable properties are also indicators of value that the Assessor relies on.
The date of re-appraisal is generally the recording date of the deed that transfers ownership. However, the re-appraisal of property acquired by inheritance from an estate or living trust occurs as of the date of death of the former owner, not as of the date of distribution to the beneficiary.
The property owner is notified of the new assessment and has the right to appeal this value. Property owners who feel that their new assessed values are incorrect should contact the Assessor to discuss the issue prior to filing a formal assessment appeal.
Owners Must Notify the Assessor of any Change in Ownership:
The law requires the owners of any property that has changed ownership (except those caused by the death of an owner) to file a change in ownership statement when the transfer is recorded, or, if not recorded, within 45 days of the date of transfer. Failure to notify the Assessor will result in the assessment of failure-to-file penalties.
If the change in ownership was the result of a death, the law requires that the Assessor be notified of such changes within 150 days of the date of death, or if the estate is probated, at the same time that the "inventory and appraisal" is filed. Failure to notify the Assessor will result in the assessment of failure-to-file penalties.
The penalty for failure to file a Change in Ownership Statement upon a written request by the Assessor is $100 or 10% of the new base year value resulting from the transfer, whichever is greater, but cannot exceed $2,500 unless the failure to file was willful.
Change Of Ownership form is available online, or by calling (442) 265-1300.
Exclusions from reappraisals
There are several exclusions available for certain qualified situations. Please see the section titled Exclusions