Connecticut Property Tax Information
Connecticut is one of the few states that tend to keep the property tax assessed on commercial, industrial and homeowner property even. Still, this doesn’t necessarily mean that Connecticut business owners aren’t paying high tax rates. Rather, it means that the property taxes in Connecticut generally don’t tend to favor either industries and commercial businesses or homesteads when it comes to property taxes.
Property Tax Credits
Businesses in Connecticut do have certain tax credits that they can take advantage of to reduce the amount of their property taxes, though. Connecticut has enacted the Urban and Industrial Sites Reinvestment Tax Credit Program in hopes of encouraging more industrial investment and development in the state that will lead to a higher standard of living for all residents. Under this program, taxes are lowered on businesses and investments that create significant amounts of jobs and capital investment in urban centers and other economically distressed communities and meet the other specifications set forth in the guidelines.
Commercial and Industrial Equipment
Of course, commercial and industrial equipment is also subject to taxation in Connecticut since such equipment is used for revenue-generating purposes. Even homeowners who don’t necessarily own a physical business, but who do own commercial or industrial equipment that they use to make a profit or run a business are subject to this tax.
Commercial and industrial equipment is valued differently than some other types of equipment. There are many factors that must be taken into consideration when valuing commercial and industrial equipment, some of which include the current market value of the equipment, the expected profit generation of it, the depreciation of it and so on. Consequently, because valuing such equipment can be a more complex process, many business owners might end up having their properties overassessed by county assessors. Fortunately, they don’t have to settle for inaccurate assessments since there are ways to appeal tax assessments and receive refunds on any overpayments.
Business owners who want to ensure that they are getting the best deals on the property taxes can turn to experts like those found at Assessment Technologies. Assessment Technologies uses a unique valuation method to determine the value of property owners’ property. They compare property assessments with the assessments of similar properties in the area and take all necessary and contributing factors into consideration when making their assessments. If business owners believe their properties have been over-assessed and get Assessment Technologies experts to assess their property for them and Assessment Technologies experts agree that the properties were overassessed, they can help property owners fight aggressively to appeal their assessments and get them lowered to more accurate rates.
Assessment Technologies experts will also ensure that business owners have taken advantage of all tax deductions and credits that they’re eligible for to ensure they pay the least amount on their property taxes that they have to. Just because property taxes are an unpleasant fact of life doesn’t mean that business owners have to settle for paying more than they really should because their equipment was overassessed.
Connecticut Property Tax Resource: ct.gov/drs/cwp/view.asp?a=1462&q=271196