Personal Property used in businesses, such as machinery, equipment, furniture, tools, fixtures, computers, cables, conduits, pipes, leasehold improvements, supplies, video tapes, horses, etc., must be listed with the cost and date acquired. Business inventory is not taxable.
The Assessor has Declaration Forms for businesses to summarize their property by type and year acquired. The Assessor applies a depreciation factor to estimate the current value.
Personal Property Declaration Forms
Declarations are due to the Assessor by November 1st every year. If a business owner needs to request an extension for filing the form, the written request for an extension must be received by the Assessor's Office by November 1st.
Connecticut law levies a twenty-five percent penalty assessment for failure to file a Declaration, omitting property or filing a Declaration late after November 1st. Assessment notices are mailed at the end of January.
Personal Property Assessment Appeals
Appeals of the assessment must be made to the Board of Assessment Appeals by February 20th, except when a one-month extension is granted. It is recommended that business owners first speak with the Assessor's Office before filing a formal appeal, to correct any errors or misinformation.