Income and Expense Reports
The Tax Assessor's Office is required by law to value all real property, including income-producing property. In order to assess income-producing property fairly and equitably, information concerning the income and expenses related to a property is essential. This information is used by the Town to establish vacancy rates, market rents, and typical operating expenses which are in turn used in the assessment of income-producing properties.
Also in accordance with Section 12-63c (d), of the Connecticut General Statutes, a completed form MUST be returned to the Assessor’s Office whether the property is leased, vacant, or owner occupied on or before June 1, 2026; or a 10% assessment penalty shall be applied to your total assessment.
Income and Expense Reports
Section 12-63c (d) of the Connecticut General Statutes requires any owner (individual or business) of income producing real property to file an Income and Expense Report annually. This includes owners of real property that is rented or leased, including commercial, retail, industrial and residential property.
- Exempt from this filing are totally residential properties of six (6) units or less in which the owner resides and all residential properties of three (3) units or less. All residential properties with partial business use are required to file unless totally occupied by the owner. Commercial and Industrial properties totally owner occupied are also exempt.
- If a non-residential property is partially rented and partially owner-occupied this report must be filed. If you have any questions, please call the Assessor's Office.
- Submission means this form is physically in the Tax Assessor’s office by 4:30 PM on June 1.
- Any mailed forms received after June 1, must be postmarked by June 1.
- Metered mail, faxes and emails will not be accepted.
Income and Expense Form (PDF) are mailed to individuals and businesses in the spring and can also be obtained online. If more than one rental property is owned, a separate report must be filed for each property.
Forms must be completed and returned to the Tax Assessor's Office annually by June 1st. Faxed or emailed copies will not be accepted. The original is required.
A completed Income and Expense Report must include the following:
Income and Expense Summary Page
- Income Schedule (Schedule A for apartment rental property; Schedule B for all other properties)
- Verification of Purchase Price Form (for properties acquired on or after the 1st day of the reporting year)
A printed copy of Schedule A and B is acceptable if all the required information is included.
Penalties
In accordance with Section 12-63c (d) of the Connecticut General Statutes, as amended, any owner of rental real property who fails to file this form, fails to file in a timely manner, or files an incomplete or false form with intent to defraud, shall be subject to a penalty assessment equal to a ten percent (10%) increase in the assessed value of such property as of the next Grand List.
The Tax Assessor's Office is not responsible for postal delivery delays or processing changes that result in a late filing of time sensitive documents. Please mail items early enough to arrive before any required deadline, use delivery confirmation services and/or electronic filing options such as email with delivery receipt.
Filing Extension
In accordance with Section 12-63b of the Connecticut General Statutes upon determination that there is good cause, the assessor may grant an extension to "not later than the 1st day of July". To request an extension the owner of the property should send a written request to the Tax Assessor's Office not later than May 30th. Extension requests should be made to the Tax Assessor's Office in writing.
Confidentiality
All information filed and furnished with the report will remain confidential and is not open to public inspection. All information related to the actual rental income, rental related income, and operating expenses is not considered public record and is not subject to the provision of Section 1-210 (Freedom of Information Act) of the Connecticut General Statutes.