Every year in Connecticut, we pay property taxes on any real property or vehicles we own.
But did you know that in addition to that, employers pay personal property taxes on every desk, chair, table, and more, that their employees use?
This is true whether the business owns $100 of personal property, $1,000, $1 million or more.
Now, there’s a measure before the Finance Committee that may change that.
HB 5047, in part, would exempt small personal property accounts from the tax, accounts with a total assessed value of less than $10,000.
CBIA testified in support of this measure in the proposed legislation.
As currently drafted the bill does require small personal property account owners to file an application for the exemption on an annual basis.
CBIA has requested that the filing requirement be eliminated.
This measure was introduced by the Governor as part of his midterm budget adjustment package.