Personal Property Taxation
All owners of taxable personal property are required annually to file a Personal Property Declaration Form M-15.
You must file a return with the Assessor on or before
November 1st, or a 25% penalty will be applied. Should you decide to
appeal your assessment, and you failed to properly file a form, the
Board of Assessment Appeals is barred by law from adjusting your
assessment (Sec. 12-114 G.G.S.).
Please read the following information carefully.
If you think that you may be eligible for the exemption on new
manufacturing equipment (Code 13), please contact the Assessor's office
for an application form.
The return must be signed either by (1) the property
owner, or (2) by an agent of the owner (in which case it must be
notarized). "Owner" means the person who holds legal
title to the personal property for which information is required
regardless of who is responsible for paying the property tax. In the
case of a corporation, the word "owner" includes any officer. If any
other employee signs the return, notarization is required. "Agent" is defined as any person authorized by the owner to sign in his behalf.
Sec. 12-41 requires all personal property owners to file
an itemized list with the Assessor annually. Residents must file in the
town in which their property is located on the October 1st assessment
date. Non-residents (i.e. persons with property located in a town in
which they do not have a business location) must file in the town where
property situs has been established under the "three month rule" (Sec.
12-43). Situs for a corporation property is determined under Sec. 12-59
(and Sec. 12-43, if applicable).
Sec. 12-43 specifies that property of non-residents is
taxable in the town where it is located for three or more of the twelve
months preceding the assessment day. Even if the property has been sold,
or was not located in this state on the assessment day, it must be
reported if it meets the "three month rule". If property was located in
more than one Connecticut town preceding the assessment date, it is
taxable in the town in which it was located for the three or more months
closest to the assessment day.
It is to your advantage to provide the requested
information for all categories. Otherwise, the Assessor will be forced
to estimate an assessment based upon 70% of your property's fair market
value. The method for determining value is the depreciated cost-in-place
method. Non-residents please list all property in Sec. I. Resident
businesses and professional persons please note: the request for
confidentiality is on the reverse side of the form.
Any assets new or otherwise not previously listed, should be described in Section B.
Non-resident businesses and leasing companies please complete Sec. II if you have disposed of or removed any of your equipment. Failure
to properly report disposal will result in our assumption that it is
still in the jurisdiction or had obtained situs and is taxable. The 25% penalty will be added where applicable.
All property, including items fully depreciated (or
"written off") for IRS purposes, must be reported. If you have no
property to declare, return the M-15 to the Assessor with a full
The Assessor has the right to audit your books and records within three years of the date this return is filed. Substantial penalties are applicable if such an audit reveals that you have not reported the property as required by law (Sec. 12-53).
For copy of the declaration form please call our office at (860) 721-2810, or you may download it in PDF format from our forms page.