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 explanation.

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.