What triggers the 25 percent penalty on a Connecticut personal property declaration?
Filing after November 1 (or after an extension the assessor grants under section 12-42) or leaving property off a timely declaration. Under Conn. Gen. Stat. § 12-41 the penalty equals 25 percent of the assessment of the late or omitted property, and property found in an audit is added to the declaration with the same penalty. The declaration covers tangible personal property owned on the October 1 assessment date, excluding registered motor vehicles.
How is business personal property assessed in Connecticut?
At a uniform 70 percent of present true and actual value, as of a uniform October 1 assessment date, under Conn. Gen. Stat. § 12-62a. Because the assessor works from depreciation schedules applied to reported cost, the assessed figure can drift from what machinery, tooling, or fixtures would actually sell for, and an independent fair market value appraisal gives the owner something to bring to the assessor or the Board of Assessment Appeals.
Can a Connecticut fiduciary get more time to file the inventory?
Yes, up to four months. Section 45a-341 requires the inventory within two months of the fiduciary's qualification, but the Probate Court may, for cause shown, extend the filing to not more than four months from qualification. Every item must still be appraised at fair market value, so ordering the appraisals early is what keeps the estate inside either window.