All owners of business personal property are required to annually file a personal property declaration with the Assessor no later than November 1st in accordance with Connecticut General Statutes Section 12-41. Owners of business personal property include anyone who conducts any type of business, owns horses, farmers, owners of non-registered motor vehicles, and owners of motor vehicles registered out of state but garaged in Wilton, CT.
Property owners are required to declare all personal property items used, either full or part-time, in the conduct of business. This includes all items donated, gifted, or owned prior to the start of a business.
Examples of personal property assets include home or commercial office furniture, computer equipment, expended supplies, heavy equipment, leasehold improvements, etc.
Business Personal Property Assessments
Business owners are required to declare the original cost plus transportation and installation on the appropriate schedules provided on the personal property declaration. Each category has set depreciation schedules to calculate the depreciated value of the equipment being claimed. The total depreciated cost of the equipment is then multiplied by 70% to determine the assessed value.
Business Personal Property is assessed as of October 1st of each year and billed in July. The July tax bill reflects the equipment owned as of the previous October 1st. For example, tax bills that are due in July 2020 will be for the equipment owned as of October 1, 2019.
In accordance with Connecticut General Statues, the Assessor’s Office is required to apply certain penalties in regards to business personal property declarations.
- Failure to file a declaration of personal property: When a business fails to file a declaration the Assessor’s Office is required to estimate the assessment and apply an additional 25% assessment penalty.
- Untimely Filing (filed after November 1st): The Assessor’s Office is required to apply an additional 25% assessment penalty for untimely filed declarations.
- Omitted Property: Any declaration filed that is found to have omitted property will be assessed a 25% assessment penalty for the omitted property.
Declarations of personal property are due by November 1st annually. Section 12-42 of the Connecticut General Statutes provides the Assessor the ability to grant an extension of not more than forty-five days upon determination that there is good cause. If an extension is required a request may be made to the Assessor in writing showing good cause for the requested extension. Once the request has been reviewed you will be notified of the decision. Please note extensions will not be granted on November 1st and must be submitted prior to the November 1st deadline.
Business Has Closed or Moved
If you have closed your business, you will need to provide two documents to the Assessor’s Office to close your personal property account:
- Affidavit of Business Termination or Move or Sale of Business Form found on the front of the business personal property declaration.
- One of the following documents:
- Complete copy of the bill of sale showing the buyer and seller’s information, date of sale, and listing of assets being sold.
- Certificate of Dissolution from the Connecticut Secretary of State’s Office.
- Letter from your accountant stating the date the business was closed.
- Letter from your bank stating the date the business account was closed.
- A signed letter on business letterhead stating the date the business moved all assets along with the new location of the assets.
- A copy of the declaration of personal property filed with the Assessor in the new jurisdiction.
Any business owner who is dissatisfied with their personal property assessment has the opportunity to appeal to the Board of Assessment Appeals. For more information regarding the Board of Assessment Appeals, please visit the Board of Assessment Appeals page.