In Pennsylvania, the 'affidavit of value' is the Statement of Value, the state realty transfer tax form filed with the deed at recording. It states the true consideration for the property and explains the transfer tax owed or a claimed exemption, and it is signed under penalty of law by the buyer or seller.
What the Statement of Value Is
In Pennsylvania, what many call an affidavit of value is officially the Statement of Value, the realty transfer tax form filed with the county Recorder of Deeds when a property transfers. Its job is to tell the state the true consideration for the property so the realty transfer tax can be calculated, or to explain why a tax exemption applies. The form is signed under penalty of law, which is where the 'affidavit' name comes from.
The form has a formal number, REV-183 in the state's tax system. At a typical closing, the title company prepares it from the settlement figures, the parties sign, and the recorder files it with the deed. If the consideration is stated plainly in the deed, the Statement of Value confirms it; if the transfer is a gift or a nominal dollar transfer, the form explains the situation to the Department of Revenue.
When It Must Be Filed
Pennsylvania's rules say the Statement of Value is required when the full value of the property is not set forth in the deed, when the property is transferred without consideration or for a nominal amount, and when a realty transfer tax exemption is claimed. In most ordinary sales, where the deed states the price and the tax is paid, the form still travels with the recording package to confirm the numbers.
Commonly you will see one in a gift transfer between parents and children, a transfer between spouses, a deed for a nominal dollar as part of an estate plan, or a correction deed. The recorder of deeds for each county handles the filing, and the form is forwarded to the state Department of Revenue for review, so accuracy matters.
How the Transfer Tax Works With It
Pennsylvania's realty transfer tax is 1% charged by the state, plus a local share that varies by county and municipality, and it is paid when the deed records. The Statement of Value gives the taxing authorities the value to apply that rate to. In the Philadelphia market the customary split has the buyer and seller each paying a share, as spelled out in the Agreement of Sale, and the settlement statement shows each side's amount.
When an exemption is claimed, the Statement of Value is where the reason gets documented: a parent-child transfer, a spouse-to-spouse transfer, a transfer to correct a prior deed, or an estate transfer that qualifies. Claiming an exemption incorrectly can create a tax liability later, which is why the title company or attorney prepares the form from the actual facts of the transfer.
Who Signs It
Pennsylvania practice generally has the grantor, the grantee, or both sign the Statement of Value, depending on the county and the title company's procedure. Because it is signed under penalty of law, the person signing should know the price, the exemption claimed, and the facts on the form. A mistaken signature on a false statement of value is a tax problem no one wants.
Buyers and sellers should expect to see the form in the closing stack and should feel free to read it before signing. The recorded value becomes public record in the county. If you have questions about how the transfer tax is being split or why an exemption is being claimed, closing is the time to ask.
Affidavit of Value vs Affidavit of Title
People frequently mix up the Statement of Value with the affidavit of title, but they are different documents. The Statement of Value is about the transfer tax and the price; the affidavit of title is the seller's sworn statement about liens, ownership, and claims against the property. Both get signed at a Pennsylvania closing, both go into the settlement file, and both carry the weight of an oath, but they answer different questions. See what an affidavit of title covers to keep the two straight.
Key Takeaways on the Statement of Value
The Statement of Value is the tax honesty corner of the closing. Hold it to these standards.
- Know the form: Pennsylvania's REV-183 is often what people call the affidavit of value
- It confirms the price: the form states the true consideration for the realty transfer tax
- Exemptions get explained: family transfers and similar deals document their reason here
- It is sworn: the signature carries the weight of an oath, so read before signing
- Separate from the affidavit of title: one documents value, the other documents liens and ownership
Ask the settlement agent which county forms apply before closing day, and confirm the transfer tax split matches your contract.
Smarty's Advice Expert Insight
John Smart (Smarty) · Smarty Home Solutions / eXp Realty Agent, AI Certified Agent
Do not sign a Statement of Value you have not read. Check that the price, the exemption box, and the names are correct, because this form goes on the public record under penalty of law. The title company prepares it, but your signature makes it yours.
John Smart, AI-Certified Agent with eXp Realty makes sure the transfer tax paperwork is handled correctly at closings across the Philadelphia region, including family transfers where exemptions are common. Call 215-598-6848 or schedule a free consultation. No obligation, just straight answers.