Within what period must a sworn statement of true property value be submitted after acquisition or improvement?

The correct timeframe for submitting a sworn statement of true property value after acquisition or improvement is 60 days. This requirement is essential for maintaining accurate property records and ensures that local government authorities can assess property values appropriately for taxation and other purposes.

The significance of adhering to this 60-day timeline lies in its role in the overall property assessment process. Timely submission helps local government units to update their assessments and property rolls, which directly impacts local taxation and revenue generation. Failure to submit within this period may lead to penalties or complications in the property's assessment status.

Understanding this timeline is crucial for property owners and stakeholders involved in real estate transactions, as it underscores their responsibility to report changes in property value promptly, ensuring compliance with local regulations.