For Table above: Key in your Assessed Value*, followed by your mil rate of choice, and click Calculate. CURRENT mil rate (FY2013-2014) is 22.28. Please remember to use your Assessed Value to accurately compute your proposed taxes.
PERSONAL PROPERTY TAXES
JUST A REMINDER
ALL PERSONAL PROPERTY DECLARATION FORMS MUST BE COMPLETED AND RETURNED TO THE ASSESSOR'S OFFICE NO LATER THAN NOVEMBER 1ST EACH YEAR EVEN IF YOUR BUSINESS IS TERMINATED. ANY QUESTIONS OR CONCERNS, PLEASE CONTACT THE ASSESSOR'S OFFICE.
WHAT IS PERSONAL PROPERTY?
All property owned by anyone operating a business in the State of Connecticut, unless specifically exempt, must be declared and assessed by the assessor. Such property is to be assessed at 70% of it’s fair market value. The values declared on the personal property declaration are to be based upon those values submitted under Federal tax returns.
Even individuals not engaged in business may own personal property subject to taxation. For example, unregistered motor vehicles (campers, trailers, trucks, off road construction vehicles, etc.) are to be declared and assessed based upon the average retail value. Horses and ponies must also be declared as personal property. Note that there is an exemption amount per animal.
The “three month rule” establishes the situs of certain personal property for the purposes of taxation for non-residents. In short, the owner of tangible personal property located in any town for three months or more shall file a personal property declaration. Personal property may be discovered by various means such as: licenses, trade name filings, newspapers, advertisements, field inspections, etc.
Each year you will receive a Personal Property Tax Form prior to October 1st. This form is used to list your personal property subject to taxes as of October 1st and is to be filed with the Woodstock Assessor by November 1st. A reminder notice of this filing date will always be posted by the 15th of October either on Town Hall property or website or in a local newspaper that has a general circulation in town. If you do not receive a declaration form, -ASK- it’s your responsibility. The town is not mandated to mail out the personal property declarations. Those of you who employ an accountant may want him/her to prepare your personal property declaration. They are familiar with the process and may even have software to process the declaration electronically.
The ABC’s for filing your Personal Property declaration.
A. File Early. An incorrect or incomplete declaration form will be returned for correction. Resubmit the form by November 1st or the 25% penalty will be added. An incorrect or incomplete filing will not be logged in as filed and will be considered a no-file.
B. No longer in business or no taxable personal property? If you receive a Personal Property Declaration, but believe you are not taxable, tell us why. Are you out of business? Is your business in another town? If you believe your property is not taxable—why? Return the form telling us all about it. If you don’t return the form with an explanation the Assessor will file for you and add a 25% penalty.
C. The returned form must be complete. Return all pages.
- Complete the section for information about your business (description, employees, how long in town, location, etc.). (long form page 5)
- Put owner’s name or business name if incorporated on all pages.
- Enter original cost, including transportation + installation under the proper category and next to the year purchased. If purchased prior to the last year listed on the form put total next to “Prior years”. Don’t forget Code 23-average supplies.
- “Lessee’s report”, list anything used in the business that you don’t own. We must have the owner’s name and mailing address. Do your best with the other information requested.
- Under “Disposal, Sale and Transfer…” we need at least the year acquired and the acquisition cost so we can make sure you are not taxed for disposed equipment.
- Check off all allowable exemptions.
- Signature must be original. If you are signing as an agent your signature must be notarized.
A reminder: Please file this letter with your tax records for review next October. Remember, the assessment is calculated on information received (or not received) from the taxpayer on or before November 1st. Let’s be fair to everyone and file a correct and accurate declaration. If you have questions on the Personal Property Declaration or what property is to be reported, please feel free to ask for help. The Assessor’s department may be reached at 860-928-6929 x327 or via e-mail (click HERE).