A Property Transfer Affidavit (PTA) is required to be filed with the Assessor for every transfer of ownership that takes place. TRANSFER OF OWNERSHIP: Occurs when a title or present interest in the property is transferred through a conveyance by deed, land contract, trust, distribution under a will, or certain leases.A property’s taxable value will only increase annually by the rate of inflation (CPI) or 5%, whichever is less, unless there is an addition to the property (physical improvement or omitted property) or increase due to a transfer of ownership.
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