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May is here and June is just around the corner, which means the 2021 income and expense filing deadline for Connecticut municipalities is less than a month away.
Each municipality may require the owner of a rental income-producing real property to disclose the actual annual income and operating expenses, as well as tenant lease summaries, associated with that parcel.
The deadline to file your property’s 2021 income and expense information with the local assessor’s office is June 1, 2022 (unless a 30-day extension was requested by May 1, 2022). Where a property owner fails to file the information by the June 1st deadline, the assessor may impose a 10% penalty against the property’s assessment on the Grand List for which the data was requested resulting in a significant increase to your property’s tax obligation for that year.
If the income and expense form has not been received, it may be advisable to contact your local assessor’s office prior to June 1st to confirm your municipality is not requesting the information this year.
Great care should be given when completing the form—the information is subject to audit and it is to be expected that the income and expense figures provided will be considered by the municipality when establishing the future assessment of the property.
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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.