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Departments & Services > Tax Assessor > Income and Expense Reports

Income and Expense Reports

2016 Filing Due Thursday, June 1, 2017

The Assessor's Office is required by law to value all real property, including income-producing property.  In order to assess income-producing property fairly and equitably, information concerning the income and expenses related to a property is essential.  This information is used by the Town to establish vacancy rates, market rents and typical operating expenses which are in turn used in the assessment of income-producing properties.

The Town collects this information from the Income and Expense Reports filed by the owners of rented or leased real property. Owners must file these reports annually by June 1st in order to avoid a 10% penalty.

Who Should File

Section 12-63c (d) of the Connecticut General Statutes requires any owner (individual or business) of income producing real property  to file an Income and Expense Report annually.  This includes owners of real property that is rented or leased, including commercial, retail, industrial and residential property.

Exempt from this filing are totally residential properties of six (6) units or less in which the owner resides and all residential properties of three (3) units or less.  All residential properties with partial business use are required to file unless totally occupied by the owner.  Commercial and Industrial properties totally owner occupied are also exempt.

If a non-residential property is partially rented and partially owner-occupied this report must be filed.  If you have any questions, please call the Assessor's Office.

When to File

Income and Expense Reports must be filed with the Assessor's Office by June 1st for each rental property.  If a completed report is not submitted to the Assessor's Office by June 1st it will result in a 10% penalty applied to the property assessment.

Income and Expense Reports must be filed annually.

How to File

Income and Expense Report Forms are mailed to individuals and businesses in the spring and can also be obtained online.  If more than one rental property is owned, a separate report must be filed for each property. 

Forms must be completed and returned to the Assessor's Office annually by June 1st.  Faxed or e-mailed copies will not be accepted.  The original is required.

A completed Income and Expense Report must include the following:

  • Income and Expense Summary Page
  • Income Schedule (Schedule A for apartment rental property; Schedule B for all other properties)
  • Verification of Purchase Price Form (for properties acquired on or after the 1st day of the reporting year)

A computer printout is acceptable for Schedule A and B provided all the required information is included.

Owner Occupied Properties

If your property is completely owner-occupied, do not disregard this form - indicate "Owner Occupied" on the form, sign, date and return It to the Assessor's Office by the deadline.  If a property is partially rented and partially owner-occupied this report must be filed.

Penalties

In accordance with Section 12-63c (d) of the Connecticut General Statutes, as amended, any owner of rental real property who fails to file this form, fails to file in a timely manner, or files an incomplete or false form with intent to defraud, shall be subject to a penalty assessment equal to a  Ten Percent (10%) increase in the assessed value of such property as of the next Grand List.

Filing Extension

In accordance with Section 12-63b of the Connecticut General Statutes upon determination that there is good cause, the assessor may grant an extension of not more than thirty (30) days to file such the report provided the owner of the property files the extension request with the assessor not later than May 1st.  Extension requests should be made to the Assessor's Office in writing.

Confidentiality

All information filed and furnished with the report will remain confidential and is not open to public inspection.  All information related to the actual rental income, rental related income, and operating expenses is not considered public record and is not subject to the provision of Section 1-210 (Freedom of Information Act) of the Connecticut General Statutes.

Questions

Please direct all questions to the Assessor's Office at 203-256-3110 or assessoroffice@fairfieldct.org.