What is the Connecticut Income and Expense form used for?

The Connecticut Income and Expense form is specifically designed to gather financial information from property owners, particularly those who own commercial real estate. This data is essential for municipal assessors as they determine the assessed value of commercial properties, which in turn affects property taxes. By collecting detailed income and expense data, assessors can make more accurate assessments based on the financial performance of properties instead of relying solely on market comparisons or historical costs.

This structured data allows for a more precise understanding of how properties are generating income, which is vital in ensuring that assessments reflect actual market conditions and property utilization. Accurate assessments help maintain fair taxation practices in the commercial sector, fostering transparency and equity within the municipality's tax base.