What is the daily penalty cost for not filing the property transfer affidavit on time?

The daily penalty cost for not filing the property transfer affidavit on time is established by Michigan law. The legislation specifies that if a property transfer affidavit is not filed in accordance with the regulations, a penalty of $5 per day is imposed, up to a maximum limit of $200. This penalty structure is designed to encourage timely compliance with property transfer documentation, which is crucial for maintaining accurate tax rolls and property records.

Understanding the specifics of these penalties is important for assessors and property owners alike, as they highlight the need for diligence in filing necessary documents within the designated timeframes to avoid incurring unnecessary costs.