Preliminary Change of Ownership Report Form

What is the Preliminary Change Of Ownership Report Form

The Preliminary Change Of Ownership Report (PCOR) form is a crucial document used in property transactions within the United States. This form is designed to inform the local assessor's office about changes in property ownership, ensuring that property tax records are updated accordingly. It is typically required when a property is sold, transferred, or otherwise changes hands. The PCOR helps local authorities assess the value of the property for tax purposes, ensuring that the new owner is correctly taxed based on the property's current market value.

How to use the Preliminary Change Of Ownership Report Form

Using the Preliminary Change Of Ownership Report form involves several key steps. First, the form must be accurately filled out with details about the property and the new owner. This includes the property address, the names of the transferor and transferee, and the nature of the transaction. Once completed, the form should be submitted to the local assessor's office. It is essential to ensure that the form is submitted within the timeframe specified by local regulations to avoid potential penalties or issues with property tax assessments.

Steps to complete the Preliminary Change Of Ownership Report Form

Completing the Preliminary Change Of Ownership Report form requires careful attention to detail. Follow these steps:

1. Obtain the form from your local assessor's office or their website.
2. Provide accurate information about the property, including its address and parcel number.
3. Fill in the details of the transferor (the current owner) and the transferee (the new owner).
4. Indicate the type of transaction, such as sale, gift, or inheritance.
5. Review the completed form for accuracy and completeness.
6. Submit the form to the local assessor's office, either in person or by mail, as required.

Legal use of the Preliminary Change Of Ownership Report Form

The legal use of the Preliminary Change Of Ownership Report form is governed by state and local laws. This form serves as a formal notification to the assessor's office about changes in property ownership, which is necessary for maintaining accurate property tax records. Failure to file the PCOR within the required time frame can result in penalties, including fines or additional property tax assessments. It is essential for both buyers and sellers to understand their obligations regarding this form to ensure compliance with local regulations.

Key elements of the Preliminary Change Of Ownership Report Form

Several key elements must be included when filling out the Preliminary Change Of Ownership Report form to ensure its validity:

• Property Information: This includes the property address, parcel number, and legal description.
• Transferor Information: The name and contact details of the current property owner.
• Transferee Information: The name and contact details of the new property owner.
• Type of Transfer: Specify whether the transfer is a sale, gift, or other type of transaction.
• Signature: The form must be signed by the transferor or an authorized representative.

Form Submission Methods

The Preliminary Change Of Ownership Report form can typically be submitted through various methods, depending on local regulations. Common submission methods include:

• In-Person: Deliver the completed form directly to the local assessor's office.
• Mail: Send the form via postal service to the appropriate office.
• Online: Some jurisdictions may offer online submission options through their official websites.