Income and Expense Forms are Due

Connecticut assessors are authorized by General Statutes § 12-63c to request income and expense information from owners of real estate used primarily for rental income. Some assessors request this information every year, while other municipalities seek this information more sporadically.  When income and expense data are sought, the assessor's office must mail an income and expense form by April 15 to the commercial property owners in that municipality. Property owners must return the completed form to the assessor's office by June 1. Failure of the property owner to return the completed form by June 1 results in a penalty equal to 10 percent of assessed value of the real property for that particular assessment year.  If you have any concerns about whether a Connecticut municipality is requesting income and expense data this year, you should contact the assessor's office immediately.

For more information, contact Tiffany K. Spinella at 860-424-4360 or tkouri@pullcom.com.

Upcoming Speaking Engagements

Laura A. Bellotti and Gregory F. Servodidio will speak before the Connecticut Society of Certified Public Accountants on the topic of assessment practices in Connecticut, including both real and personal property, on Thursday, June 23 from 8:30 to 10:30 a.m. at the Easton Public Library.

Elliott B. Pollack will present with Todd S. Liebow, MAI at the annual conference of the Institute for Professionals in Taxation in San Antonio, Texas on the topic of behavior of market participants in the current economic environment on Monday, June 27.

For more information on these and other upcoming events, please click HERE.

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