It is that time of year again when Personal Property Declaration forms will be arriving in the mail for your completion.
A completed Personal Property Declaration is due to your town(s) November 3, 2025, and includes the period from October 1, 2024 through September 30, 2025. Due to the volume of reports that the assessor’s offices will be receiving, we advise you to file before October 29, 2025 to ensure your filing will be received and processed on time. In order to accurately complete the form(s), we will need information regarding your asset additions and deletions that occurred during the above period and any correspondence from your town assessor’s office.
Please provide a list of new fixed asset additions including the date of acquisition and the cost. A copy of the receipt(s) would be preferable.
For our manufacturing clients:
New and “newly acquired” used manufacturing machinery and equipment is eligible for an exemption of property taxes. Such machinery and equipment must be used for manufacturing purposes and installed in a “manufacturing facility”. It must also be tangible personal property defined in §168(e) of the IRS Code as either five-year or seven-year property.
In order to claim this property tax exemption, you must file the 2025 Grand List Manufacturing Machinery and Equipment Exemption Claim, with the Assessor’s office on or before November 1, annually. You must include the property for which you are seeking exemption on your Personal Property Declaration, which is also due to be filed with the Assessor by November 1, annually.
If you believe you have purchased equipment that qualifies for these exemptions, please note that on a copy of the invoice, and we will prepare the necessary forms to claim this exemption.
Also, please forward the following items to us in order to expedite the completion and filing of your Personal Property Declaration which is due November 3, 2025:
- Personal Property Declaration forms.
- Supplies expenditures (office, medical and/or dental) for the period in question.
- A list of smaller items that are not capitalized because they are under your capitalization threshold, but would be in plain view for an auditor to see. For items of this nature, include the name of the item and its cost. These will be added to the property report, but will not be considered an addition to your fixed assets.
- Information regarding any capital or operating leases that may have occurred during the period (either entering into a new lease agreement or discontinuing a prior lease agreement).
- A complete listing of all personal property not owned by you, but in your possession as of the assessment date. Include owners name, address, lease term and monthly payment, as applicable. Failure to report all such items results in a presumption of ownership and subsequent tax liabilities and penalties. Examples include, but are not limited to: dumpsters, gas/propane tanks, vending machines, water coolers, coffee machines, postage meters and copiers.
When you receive your new assessment statement, please forward a copy to our office. Thank you for your attention to this matter and please call if you have any questions regarding the Personal Property Declaration.
Thank you!