ANNUAL
INCOME & EXPENSE
REPORTS
Annual Income & Expense Report forms for calendar year 2009 were mailed on March 24, 2010 to owners of commercial and industrial property. The information received in these reports is used in assisting the Town of Manchester with establishing market rents, vacancy rates and typical operating expenses for use in the assessment of income-producing or rental property. Connecticut General Statutes Section 12-63c, as amended by P.A. 97-254 requires all owners of rental property to annually file these forms with the Assessor by June 1. If you received an Income & Expense form and your property is completely owner-occupied or vacant do not disregard the form - indicate "Owner Occupied" or "Vacant for 2009" in writing on the form and sign, date and return it to the Assessor's Office by the June 1 deadline.
The current form is for the reporting of income and expense data for the 2009 calendar year. For further information about the valuation of income-producing property and answers to "Frequently Asked Questions," click here for a brochure.
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, 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.
All information reported on these forms will remain confidential, is not open to public inspection, and is not subject to the provisions of Section 1-19 (Freedom of Information) of the Connection General Statutes.
Please be advsed of the following recent state legislation now in effect: "upon determination that there is good cause, the assessor may grant an extension of of not more than thirty days to file such information, if the owner of such property files a request for an extension with the assessor not later than May first." Click here for Extension Form.
In addition, Income and Expense Reports are now subject to audit by the assessor or the assessor's designee and iincomlete or false forms shall be subject to the same 10% noncompliance penalty as late or non-filing properties.
The Assessor's Office requests your help in this effort. Under the legislative changes to the statute, we cannot be as flexible as have been in the past. Although we are reviewing the matter, Manchester does not presently have an ordinance allowing a penalty waiver--you mst file and you must file on time or you will be penalized. We will continue granting extensions to anyone who requests one in writing by May 1, 2010 and no extension may go beyond July , 2010.
If you need a copy of last year's Income and Expense Report, it can be provided to the property owner who completed the form last year upon presentation of identification. However, since last year's forms are currently being used for market analysis, it may take up to three days to obtain a copy if needed.
If you have any questions concerning these forms or the information required, please call the Assessor's Office at (860) 647-3011.
