Annual Report – Town Declaration of Personal Property.
The town assessor usually sends out this declaration the last week of September and it is due in their office on November 1st. Failure to meet this deadline results in a 25% penalty for late filing ……. Ouch!
The assessor may grant a filing extension for “good cause”. However, the request must be made in writing on or before November 1st.
All assets (except registered vehicles) must be reported by year of acquisition and depreciated in accordance with the town formula. The only method to remove assets is by reporting on the Disposal, Sale, or Transfer Report. Once assets are entered on the declaration, this is the only way to remove them from the tax list. This is why detailed records must be kept.
Should your declaration not reconcile with the last year’s reporting, you could be subject to an audit.
This is an experience you don’t want to have.
Penalties will also be imposed for the following events:
- Non-Filing – even though you don’t receive a declaration form = Penalty
- Non -Filing because you are a new business = Penalty
- Failure to sign Affidavit = Penalty.
We are here to assist you, don’t take chances.