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CAAO-AAT Personal Property Workshop

CAAO-AAT Personal Property Workshop. Speaker-Ali Karimi, CCMA II, Personal Property Appraiser, Town of Greenwich Wednesday, September 14, 2011. Discussion Points. Personal property defined Examples of personal property Who is required to file annual declaration

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CAAO-AAT Personal Property Workshop

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  1. CAAO-AATPersonal Property Workshop Speaker-Ali Karimi, CCMA II, Personal Property Appraiser, Town of Greenwich Wednesday, September 14, 2011

  2. Discussion Points • Personal property defined • Examples of personal property • Who is required to file annual declaration • Discovery of personal property • Discovery resources • Listing your discoveries • Deconstructing the declaration • Exempt property and available exemptions • Connecticut personal property statutes • Public Act 11-61 • Open forum

  3. What is Personal Property?

  4. Tangible Personal Property • Property that is not permanently affixed to or part of real estate and that is used to support a business enterprise • Unregistered motor vehicles • Horses and ponies • Mobile manufactured homes

  5. Signage Unregistered construction equipment Security cameras/alarm systems Telecom equipment Tools of all types Musical instruments Medical equipment Furniture & fixtures Computer hardware Manufacturing machinery & equip Tanks/pipes/cables Leasehold improvements Consumable supplies Video tapes, discs Examples of Personal Property

  6. Who needs to declare?

  7. The Who • Owners of taxable personal property for all business types and categories • Non-resident owners • Owners of other types of taxable personal property • Situs/Three Month Rule • Tax Exempt entities

  8. Discovery of Personal Property • Canvassing/field inspections • Government records • Newspapers/magazines • Radio/television/internet • Phone books/directories, websites • Word of mouth/competitors equity

  9. Canvassing/Inspections • Lunch break strolls • Pick a street or commercial hub • Choose an industrial park, mall or office building • Let those who inspect, not forget us • Inspect during a revaluation or audit • Bring a digital camera to record pertinent information quickly

  10. Government Records • Property cards • Tax bills • Voter registrations • Parking permits • Beach cards • Health department lists • Motor vehicle records • Commercial filings • Income & expense statements • Building permits • Tax returns

  11. The Assessor is the center of the Universe.

  12. Media/Advertising • Newspapers • Magazines • Internet (many companies have a web presence) • Telephone directories • InfoUSA (f.k.a. Hill Donnelly) directory • Community/bulletin boards • Word of mouth, peer equity

  13. Listing the Newly Discovered • Assign a unique numeric identification number • Record full business name, both the corporate identity and the trade name (d/b/a) • Include contact name and telephone number • List business address, both physical location and mailing address • Note business type, square footage occupied, lease/rent or own, number of employees • Include real property parcel number for cross-referencing

  14. Intermission

  15. Deconstructing the Declaration • The good, the bad, and the ugly • Examine declaration for reasonableness • Look for consistency and too much consistency • Classification of equipment • Assessment trends • Where’s the Leasehold? • Penalties • Assessing the non-compliant owners • Exempt from Freedom of Information (FOI)

  16. Declaration Processing • Check form for signature and notarization if needed • Check date of receipt • Reconcile declaration against prior years’ filings • Compare assessment from previous year • Flag accounts that need further review or that do not reconcile to previous filings • Send out prior years declarations for those accounts that underreported in the past • Assess non-compliant accounts with penalty • Select sample of businesses for audit

  17. Exempt Personal Property: Software Construction-in-progress (CIP) of manufacturing facilities Inventory Available Exemptions: Pollution Control Equip Horses $1,000 or $100,000 Farm Machinery (M28) Distressed, Targeted Investment, Enterprise Zone Manufacturing machinery and equipment What Personal Property is Exempt and What Exemptions are available?

  18. Uniform assessment date October 1st Public notice by October 15th Declarations to non-residents by October 15th Filing deadline November 1st Declarations on extension due by December 15th Assessment notices to taxpayers by February 10th (or March 10th if signing of Grand List is on extension) M-65 exemption form to OPM by March 15th Important Dates

  19. The C.G.S. Six • 12-41 (Assessor right to assess PP) • 12-42 (Extension, non-declarant) • 12-43 (Non-resident declaration by October 15th) • 12-53 (Assessor can audit) • 12-57 (Leased equipment) • 12-71 (taxable status and situs)

  20. Other Personal Property Resources • C.A.A.O. • O.P.M. • Connecticut Dept. of Revenue • Department of Motor Vehicles • Connecticut Siting Council • Chamber of Commerce

  21. Public Act 11-0061 • Manufacturing machinery and equipment is still exempt, but at the local level • Equipment formerly coded “R” and declared under codes 15a and 15b, now included under code 13 • All exempt machinery included under code 13 now coded “U”

  22. Forum Assessum Questions and discussion

  23. Thank you.

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