Advisory for Owners of Income Producing Real Estate: avoid the penalty

posted by Ronald Kowalski May 12, 2017
Income Producing Real Estate

Annual Income and Expense Reports Due by 6/1/17 in order to avoid 10% Penalty

On or before June 1, 2017, owners of income producing real estate in Connecticut are required to provide annual income and expense information to the municipal Assessor for the City or Town in which the property is situated. By statute, failure to do so may result in the imposition of a 10% assessment penalty, which will, in turn, result in a 10% higher tax bill.

This information must be provided on the form provided by the Assessor’s Office. Owners of income producing real estate who have not yet received income and expense forms from the Assessor’s Office should contact that office immediately. Also, because municipal Boards of Assessment Appeals are limited in their ability to eliminate this statutory penalty after-the-fact, complying with the statute in the first instance is essential.

Have questions regarding this filing or any tax assessment issue? Contact our legal team at (203) 327-2000.

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