Personal Property
Personal property of businesses (computers, office furniture, equipment, etc.), whether owned or leased, is taxed on an annual basis. Assessments are based on seventy percent of the depreciated value.
All owners of business personal property must complete and return a personal property declaration to the Assessor no later than November 1st annually. If the declaration is not filed, the Assessor is required by State Statute to complete a declaration for the owner based on the best information available, and add a 25% penalty thereto. A penalty is also assessed if the declaration is submitted after the November 1st deadline or it is found that assets have been omitted from the personal property declaration. Forms can be downloaded (below), but must be printed and mailed or submitted in person to the Assessor's office with an original signature.
The information required on the declaration form includes the date of acquisition of the property, as well as the original cost of acquisition including installation. This information is confidential and not open to public inspection.
Exemptions:
The Manufacturing Machinery and Equipment Exemption Program provides for 100 % exemption of local property taxes on qualified, newly acquired manufacturing machinery and equipment. The State of Connecticut reimburses municipalities for the exemptions granted under the provisions of the program. Qualified manufacturing and biotechnology companies may receive a tax exemption on their local property taxes for a period of five years. To qualify for exemption, machinery and equipment must be five or seven-year property as defined by the Internal Revenue Service, acquired within prescribed time periods, and used predominantly for manufacturing and research and development purposes. Biotechnology and the production of motion pictures, video and sound recordings and recycling as defined in Connecticut General Statutes 22a-260, as well as more traditional manufacturing activities, are included in the program. Applicants may apply for the exemption at the local Assessor's Office by November 1 of each year.
For more information click here:
www.ct.gov/opm/cwp/view.asp?A=2985&Q=383148
Click here for the Filing Notice for Reporting Business Personal Property.
To access the online Personal Property System, please click here.
What to do if your business has closed:
If you have closed your business for any reason you must notify the Assessor’s Office and provide two forms of documentation showing the date that your business closed. Acceptable documents include any of the following:
- Cancellation of your Town of Stratford Trade Name
- Dissolution paperwork from the State of Connecticut
- Documentation showing the closing of your business checking account
What to do if your business has moved:
If your business has moved to another jurisdiction you will need to provide documents showing that registered your business in the new location.
DOWNLOADABLE PERSONAL PROPERTY DECLARATIONS:
Listing files in 'Personal Property Declarations'