What is the purpose of an affidavit of value?

The purpose of an affidavit of value is primarily to assist the County Assessor in determining property values. This document plays a crucial role in the assessment process by providing essential information about property transactions, such as sale price, property characteristics, and terms of sale. The data collected from affidavits of value is used by assessors to evaluate and adjust property values for tax purposes, ensuring that property assessments remain fair and accurate across the jurisdiction.

Other options, while appearing relevant, do not reflect the primary intent of the affidavit of value. For instance, compliance with IRS requirements typically involves different forms and documentation related to income and property tax filings. Likewise, while capital gains tax may be influenced by property sales information, the affidavit itself is not specifically designed for determining this tax. Lastly, the relationship between the affidavit and sales tax revenue involves different tax responsibilities and is not the main focus of the affidavit of value. Overall, the affidavit serves as a key tool for local taxation authorities to maintain an equitable property tax system.