Business Personal Property Assessment
Personal Property is all tangible property that is not permanently affixed to the real estate. Examples of personal property that a business has include for example furniture, fixtures, equipment. All businesses are required to file annually a Declaration of Personal Property that lists the assets’ original cost. Based on the year of acquisition, the assets are depreciated. Lastly, the total depreciated value is multiplied by 70% to determine the taxable assessment.
The Declaration of Personal Property form is due November 1st each year. The forms are mailed out to the last known address in September. While our office does mail out the forms, it is the owner’s responsibility to file the form even if a form is not received. If the declaration is not filed on time, there is a 25% penalty added to the assessment. If an extension is needed to complete the form, please contact our office. If a declaration is not received at all, the Assessor must estimate the value of the business and a 25% penalty will be added to the assessment.
Unregistered or Out-of-State Registered Motor Vehicles
Motor vehicles that do not have a current Connecticut registration are subject to the personal property tax. This includes vehicles that may be sitting unregistered on your property or vehicles that are registered to another state. Complete the Motor Vehicle Form annually.
Personal Property Taxes
Businesses on the Grand List of October 1st of each year will pay taxes the following July. The tax bill is determined by the 70% assessment multiplied by the mill rate.
If you are a new business owner, please fill out the New Business Form so that our office will have the correct mailing address to send the Declaration to each year.
Some businesses may require an additional form to be filed with the Declaration Form in order to receive an exemption on their assessment.
- Farm Machinery, Horses or Ponies
- Manufacturing Machinery & Equipment