What is the purpose of the sworn declaration of true value of property?

The sworn declaration of true value of property serves the crucial purpose of establishing fair market value. This declaration is a formal statement made by property owners, affirming the accurate and truthful value of their property as it stands in the market. Accurate valuation is essential in the context of real estate, as it helps local governments determine appropriate tax assessments. This declaration not only aids in ensuring that properties are valued consistently and fairly, but it also supports transparency in property transactions by relying on a documented value recognized as legitimate by both the owner and the authorities.

This process is foundational in the application of local taxation laws and the overall valuation system in public finance, as it uses the true value to inform budgetary decisions and fiscal planning at the local government level. By accurately establishing the fair market value, it ensures that the contributions made by property taxes are equitable and reflect the actual worth of the property in the current market.