CT SB00425

Imposes a 10% penalty on owners of rental income property who fail to submit annual rental and expense information to assessors by June 1, with extensions available until July 1 upon request.

For assessment years beginning October 1, 2019 and thereafter, adds an additional 10% penalty of the current assessment year's value issued via certificate of correction, with tax due within 30 days and subject to standard municipal collection processes.

Allows disclosure forms postmarked within the filing period to be considered timely filed and waives penalties if the property owner at the time of filing differs from the owner on the grand list assessment date, or if the town adopts an ordinance allowing waiver.

Prohibits expert witnesses compensated on a contingency basis from testifying in property tax assessment appeals under sections 12-117a and 12-119, eliminating financial incentive structures for expert testimony in these disputes.

Effective July 1, 2020, with amendments to Connecticut General Statutes sections 12-63c, 12-117a, and 12-119.