If a Preliminary Change of Ownership Report (PCOR) was not filed at the time of recording, the Assessor’s Office will mail a request for a Change of Ownership Statement (COS) to be completed. Like the PCOR, the COS helps the Assessor’s Office:
Determine the correct mailing address for property tax statements,
Identify any applicable exclusions from reassessment, and
Assess the property for appraisal purposes.
Submission Deadline & Penalties
Failure to file a Change of Ownership Statement within 90 days of the date the Assessor’s written request is mailed will result in a penalty of:
$100, or
10% of the taxes applicable to the new base year value reflecting the ownership change, whichever is greater.
The maximum penalty is:
$5,000 if the property qualifies for the homeowners’ exemption, or
$20,000 if the property does not qualify for the homeowners’ exemption.
If the failure to file was willful, additional penalties may apply. The penalty will be added to the assessment roll and collected like any other delinquent property tax, subject to the same penalties for nonpayment.
