Personal Property

Personal property is everything other than real estate that has value by itself. Items such as furniture, fixtures, computer equipment, tools, machinery, unregistered motor vehicles, mobile storage buildings, signs, leasehold improvements, video tapes, vending machines, leased equipment, and any other equipment used in a business or to earn income. Whether owned or leased, personal property is to be declared on an annual basis. Assessments are based on seventy percent of the depreciated value of assets.

Anyone in possession of assets on October 1 or having had assets in Stratford for 3 months prior to October 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, loan, or rent their personal property must also file.

The deadline for filling a timely declaration is November 1st. There is a 25% assessment penalty for failure to file a personal property declaration by that date.

Exemptions

The Manufacturing Machinery and Equipment Exemption Program provides for 100 % exemption of local property taxes on qualified, newly acquired manufacturing machinery and equipment. The State of Connecticut reimburses municipalities for the exemptions granted under the provisions of the program. Qualified manufacturing and biotechnology companies may receive a tax exemption on their local property taxes for a period of five years. To qualify for exemption, machinery and equipment must be five or seven-year property as defined by the Internal Revenue Service, acquired within prescribed time periods, and used predominantly for manufacturing and research and development purposes. Biotechnology and the production of motion pictures, video and sound recordings and recycling as defined in Connecticut General Statutes 22a-260, as well as more traditional manufacturing activities, are included in the program. Applicants may apply for the exemption at the local Assessor's Office by November 1 of each year.

What to do if your business has closed:
If you have closed your business for any reason, you must notify the Assessor’s Office and provide two forms of documentation showing the date that your business closed. Acceptable documents include any of the following:

Cancellation of your Town of Stratford Trade Name
Certificate of Dissolution from the State of Connecticut SOTS
Documentation showing the closing of your business checking account

What to do if your business has moved:
If your business has moved to another jurisdiction you will need to provide documents showing that registered your business in the new location.