CT SB00695

Owners of rental income-producing real property must submit annual financial information to assessors by June 1st on forms provided at least 45 days prior, detailing actual rental income and operating expenses.

Property owners who fail to file required information or submit false information face a 10% penalty increase in assessed value, plus an additional 10% penalty equal to the current year's assessment issued via certificate of correction, effective October 1, 2020 and thereafter.

Forms postmarked within the allowed filing period are not deemed delinquent, and penalties may be waived if the current property owner was not the owner on the assessment date or if the town adopts an ordinance allowing waivers.

Prohibits expert witnesses compensated on a contingency basis from testifying in property tax assessment appeals under sections 12-117a and 12-119 of Connecticut General Statutes.

All provisions take effect July 1, 2021.