Connecticut law requires commercial property owners to provide local assessors with income and expense information each calendar year.
The requests are generally mailed to taxpayers in April to the same address where the tax bill is sent and may include any or all of the following information: 2022 income and expense information; rent roll or lease abstract; capital improvements that took place in 2022; and sale and financing information verification.
Your income and expense report must be completed by June 1 and be received by the city or town assessor’s office. Late filings will accrue a 10% penalty, which can be applied to your assessment. (Connecticut General Statutes, 12-63c)
If your tax bill goes to a lender or other third party for payment, it is imperative that the requests for information are forwarded to the appropriate person in your organization immediately for timely completion and return. We strongly recommend the information requests be returned to the city by certified mail and you keep a copy of the date-stamped receipt in your files.
Ryan has a proven history of successfully helping property owners navigate this process. Reach out to us today if you need assistance with your income and expense form filing.
TECHNICAL INFORMATION CONTACT:
Daniel Swift
Principal
Ryan
857.288.1224
daniel.swift@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Daniel Swift
- Property Tax
- Connecticut