PROPOSED: AN ORDINANCE REGARDING THE SUBMISSION OF INCOME AND EXPENSE INFORMATION APPLICABLE TO RENTAL INCOME REAL PROPERTY; AUTHORITY TO WAIVE INCOME AND EXPENSE STATEMENT PENALTY In accordance with Section 12-63c(a) of the Connecticut General Statutes, the Owner of property used primarily for the purpose of producing rental income shall annually submit to the Assessor not later than the first day of June the best information disclosing the actual rental and rental-related income and operating expenses applicable to such property and submission of such information may be required whether or not the city is conducting a revaluation of all real property pursuant section 12-62. Any owner of such real property required to submit such information to the Town of Durham Assessor, in accordance with Section 12-63c(a) of the Connecticut General Statutes, for any assessment year, who fails to submit the information or submits incomplete or false information shall be subject to a penalty equal to ten (10) percent increase in the assessed value of such property for that assessment year. In accordance with Section 12-63c(d) of the Connecticut General Statutes, the Assessor or the Board of Assessment Appeals for good cause shown, may waive the ten (10) percent assessment penalty upon receipt of a completed income and expense statement prior to the end of the assessment year following the original due date of the statement. This ordinance shall take effect upon adoption.
Posted on: Wed, 14 May 2014 22:40:05 +0000
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