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Spring is in full swing, and June 1st is closing in fast.
If you are a commercial property owner with one or multiple income-producing properties in Connecticut, the deadline to file your 2025 annual income and expense report with your local assessor's office is just over a month away.
Connecticut municipalities can require owners of income-producing properties to disclose the actual annual income and operating expenses, along with tenant lease summaries, associated with their property. Your municipality may mail the income & expense forms to you. You also can obtain the form from your local assessor’s office (either in-person or, in most instances, electronically from your assessor’s website).
This is not a requirement to take lightly. Failure to file your property's 2025 income and expense information with the local assessor's office by Monday, June 1, 2026 (unless you secure a 30-day extension, which you must request by Friday, May 1, 2026), can result in the imposition of a 10% penalty on your property's assessment for the year the filing was not made translating into a commensurate spike in your property tax bill for the year.
As there is also no postmark rule, just mailing or postmarking your income and expense filing by June 1st does not satisfy your obligation. The report must be received by the assessor’s office no later than June 1st to avoid the 10% penalty.
If you do not receive the income and expense form from your assessor, don't assume you’re off the hook. The onus is on you as the taxpayer to reach out to your local assessor's office before the deadline to confirm whether your municipality is requiring the filing this year.
Finally, take great care when completing the form. The information you provide is subject to audit, and you should expect that your municipality will use the reported income and expense figures when establishing future assessments of your property. You also can use the filing as an opportunity to convey other pertinent information about your property to your local assessor (such as upcoming capital expenditures, anticipated tenant departures, etc.) that may impact your property’s market value.
If you have questions about the filing process or want a member of Pullman & Comley’s Property Tax & Valuation Department to assist you, please contact Michael Marafito (mmarafito@pullcom.com) or Ryan Schaitkin (rschaitkin@pullcom.com).
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About Our Property Tax and Valuation Law Blog
Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.