Personal Property Tax Payments
In Connecticut, personal property taxes are paid by individuals and companies that have property that is not permanently affixed to or part of real estate.
This broad definition includes tangible items such as airplanes, boats, furniture, fixtures, equipment, and animals as well as intangible items such as annuities, patents, copyrights, stocks, bonds and franchises.
Various sections of the Connecticut General Statutes address the assessment and taxation of tangible personal property. Section §12-71 concerns the taxable status of personal property, its situs and method of assessment.
Unless specifically exempt, personal property must be declared and assessed by the assessor. Such property is to be assessed at seventy percent (70%) of its fair market value in accordance with §12-63 and §12-62a. Even persons not engaged in a business enterprise may own personal property subject to taxation. For example, unregistered motor vehicles, which are chattels within the legal meaning of the term, are to be declared and assessed in accordance with §12-71d on the basis of their average retail values. Registered motor vehicles or snowmobiles may be included on a Personal Property Declaration if they are subject to taxation by a town other than the town in which they are registered.
All specific questions regarding personal property or annual Personal Property Declarations should be directed to the Assessor’s Office.
Personal property is billed in July, and if over $100.00 in tax, may be paid in two installments by their due date. If the tax is less than $100.00, full tax is due by the due date.
Taxes that are not paid by the due date accrue interest of 1.5% ( or $2.00 minimum, whichever is higher) on both the Town and District portion of their bill.