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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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How to fill out a personal property tax form for my busine

Customer Question

How to fill out a personal property tax form for my business.
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

The Connecticut DOR does not administer the property tax.

The property tax is administered by each city and town in Connecticut.

If you have questions about the tax bill or mil rate on your real property or personal property (including your automobile), you should contact the Tax Collector in the town in which the property is located.

 

Let me know if you need any help.

 

Customer: replied 4 years ago.
I have to fill out a declaration of personal property for the towns of Glastonbury and Manchester CT for the equipment etc for both of my business' - Curves. The forms are 4 pages long and I don't have a clue what i'm supposed to do. Is this clearer?
Expert:  Lev replied 4 years ago.

Office of the Tax Assessor/Collector doesn't provide online information.
New business owners should speak directly to the Assessor’s Office to place the company on the Town’s Personal Property list.
Contact: John Rainaldi, Director of Assessment/Collection
Office of the Tax Assessor/CollectorXXXXX PO BoxNNN-NN-NNNNbr />Phone:(NNN) NNN-NNNNHours: 8:30 am to 4:30 pm


In Glastonbury - the Assessor's office compiles the annual grand list of taxable and exempt property and has responsibility in three major areas:

  • The administration of an ad valorem tax program including compliance with State Tax Laws.
  • The assessment and re-assessment of all real estate, personal property of businesses and motor vehicles.
  • The maintenance of a records library and information center relative to real, personal, and motor vehicle inventories, including owner's name, address, legal data and values.

Assessor's OfficeXXXXX PO BoxXXXXX06033

David Valente Assessor Phone:(NNN) NNN-NNNNFax:(NNN) NNN-NNNN
Max Camfield Assistant Assessor Phone:(NNN) NNN-NNNNFax:(NNN) NNN-NNNNbr />See additional information here - http://www.glasct.org/index.aspx?page=87

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 with an estimated assessment, and add a 25% penalty thereto. A penalty is also assessed if the declaration is submitted after the November 1st deadline. Forms can be downloaded (below), but must be printed and mailed or submitted in person to the Assessor's office.
The information required on the declaration form includes the date of acquisition of the property, as well as its costs of acquisition including installation. This information is confidential and not open to public inspection.

 

Customer: replied 4 years ago.
Perhaps i'm not being clear but I have already spoken with the assessors office and am familiar with all of the above mentioned information. I filed for an extension and have to the 15th of December to return the 4 page declaration of personal property form. What I am looking for help on is how to answer the questions on the form - the assessor suggested talking to my accountant, but in the effort to save $$ I am seeking to do this on my own, hopefully with the help of justanswer.com.
Expert:  Lev replied 4 years ago.

Hi,

if you have a question with reporting any specific items - please state here what are these items, what are their depreciated values - and I will help you with filing a declaration.

 

Customer: replied 4 years ago.
Well it's a fitness facility so i guess the equipment is what depreciates? I can tell you that Iast year they claimed $8300 for furniture and fixtures, $40 for supplies monthly and that's all i know. the form is so huge it's just frightening to undertake - it's 4 pages long and i have 2 answers!
Expert:  Lev replied 4 years ago.

You should not use the amount of depreciation deduction which you claimed.

Instead use a list of all depreciable properties which are claimed in the form 4562 Depreciation and Amortization.

For each property - take the adjusted basis - that value will be used to compute your property taxes.

Before filing the form - get a list of all business use properties and for each - determine the adjusted basis.

 

Customer: replied 4 years ago.
I really am in over my head...i don't understand a word your saying...I am so sorry! I'm feeling like i should just call my accountant...i feel like you are talking greek to me...again i am sorry :-(
Expert:  Lev replied 4 years ago.

I feel sorry that I was not able to help you.

Sometimes it is really hard to talk over the forum without direct communication...

You do not need to accept the answer that was not helpful for you.

I wish you the best in completing the task and sorry again.

 

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