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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Connecticut (CT), personal property tax is a common form of ad valorem tax, which means it is based on the value of the property. The state mandates that towns assess taxes on personal property such as motor vehicles, boats, and aircraft. Additionally, businesses in Connecticut are required to pay personal property tax on tangible items used in their business that are capable of being moved or are movable, such as machinery, equipment, furniture, and fixtures. Each town in Connecticut is responsible for setting its own tax rate, and the assessment of personal property for taxation purposes is typically done annually. Taxpayers must declare their personal property to the local assessor by November 1st each year. Failure to file this declaration can result in a penalty. The tax rate, or mill rate, is applied to the assessed value of the property, which is typically set at 70% of its fair market value, to determine the amount of tax owed.

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Taxes

personal property tax

Individual & Family Legal Plan

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Connecticut State Code

Connecticut State Code

Taxes

personal property tax

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