Annual Income and Expense Reporting - DUE JUNE 3 (this year)
The data contained on the I & E is related to, but different than a Federal Tax Return, you still have to file your I & E on time, regardless of the filing status of your Federal Tax Return.
The Income and Expense Report forms get mailed out in mid - April. Anyone with Commercial property or residential property with more than 5 units is required by state statute (Connecticut General Statute, Section 12-63c) to complete this form. If you received this form and do not believe you need to complete it, PLEASE CALL US. If the form is not completed and returned by June 3 (due to June 1 being on a Saturday this year), you will be subject to a penalty of 10% of your real estate assessment. Even if the property is owner-occupied, you must return the signed form to avoid the penalty.
All information filed and furnished with the form will remain confidential and is not open to public inspection. Any information related to the actual rental and rental-related income and operation expenses shall not be a public record and is not subject to the provisions of the Freedom of Information. (Connecticut General Statutes Section 1-210)
Frequently Asked Questions:
CAN I GET AN EXTENSION?
If you intend to seek an extension beyond the June 3, 2024 filing deadline, you must request the extension, in writing, by May 1, 2024. Also, filed Income and Expense Reports are subject to audit by the assessor or designee of the assessor and the incomplete or false forms shall be subject to the 10% penalty under the statute. We will grant extensions to anyone who asks for one in writing, but if you intend to ask for an extension, you must ask for your extension, in writing, by May 1, 2024, and no extension request may go beyond July 1, 2024.
I have not yet filed my Federal Tax Return for last year, can I complete the I & E without it?
The data contained on the I &E is related to, but different than a Federal Tax Return, you still have to file your I & E on time, regardless of the filing status of your Federal Tax Return.
I told you my property was owner occupied last year, do I have to do this every year?
Yes. From year to year, the Town of Manchester does not know which properties revert from being owner occupied to being tenant occupied, so all properties that receive the I & E or meet the qualifications for submitting one (commercial or 5+ unit residential), must do so each year.
The rental data regarding my property has not changed since last year, do I still have to file?
Yes. You must file an I&E every year, regardless of whether or not the rental or expense data for your property has changed. Also, you must complete the sections on the form that pertain to your property. Writing "no change" or similar will result in a 10% penalty for incomplete filing.
Can I file online?
We have a fillable PDF or you can print the PDF and complete manually. Your completed I&E form can be emailed to us at Assessor@manchesterct.gov. The PDF form is available below. We will email a "received" reply as time permits, but it will not be immediate. If you do not receive a reply, do not assume we received it.
Why does the town need this information?
The Annual Income and Expense Report you are being asked to complete is used in assisting the Town of Manchester in developing the Income Approach. (There are three approaches to value used by appraisers and assessors to value real estate: 1) the Cost Approach, 2) the Sales Comparison Approach, and 3) the Income Approach.)
The Annual Income and Expense Reports provide valuable data that is collected, tabulated and used to determine market rental rates, market vacancy rates, and typical stabilized operating expenses. After the general market parameters are established, each property is then compared to the market to determine that property’s performance relative to the market, and the Income Approach is developed. We track these real estate market trends so that when our revaluation year comes around (every 5 years, the last one was 2021), we have the tools and data to accurately value properties in our municipality.
Because the information contained on the Annual Income and Expense Reports is both vital and required by statute (CGS 12-63c), the Town of Manchester asks that you complete the document each year.
Please read the form below as well! It has instructions and info that are important, you can read or print here:
In order to make filing your Annual Income and Expense Report easier each year, and in order to protect yourself in the event that your Annual Income and Expense Report does not reach us, we strongly recommend that you keep a copy of your Annual Income and Expense Report for your files.
If you have questions, call the Assessor's office at 860-647-3016.