As a result of the uncapping provision in Proposal A, the Legislature enacted mandatory disclosure of all transfers of property in the State Of Michigan. The Property Transfer Affidavit (L-4260) is the form used to fulfill this disclosure requirement. The new owner of the property is REQUIRED to file the Property Transfer Affidavit with the local assessor within 45 days of the transfer of ownership.
In order to insure compliance with the filing requirement, the legislature attached a penalty for failure to file the form. Starting on the 46th day after the transfer of ownership, there is a $5/day penalty, $200 maximum, which begins to accrue.
All forms are available in the assessor’s office and need to be filed with the assessor.