The property of any trading, mercantile, manufacturing or mechanical business shall be assessed in the name of the owner or owners on the first day of October or such other assessment date as is specially provided by law in the town where the business is carried on; and the personal property declaration of any such owner or owners shall be given in by the person having charge of such business residing in such town, when the owner or owners do not reside therein. The amount of goods on hand for consumption in any such business, including finished and partly finished goods and raw materials and supplies, so assessed shall be the monthly average quantity of goods or supplies on hand during the year ending on the first day of October if such owner or owners has or have owned such business during the whole of such year or the monthly average quantity of goods on hand during the portion of the year ending on such date as such owner or owners has or have owned such business if such owner or owners has or have owned such business during only a portion or portions of such year, but this rule shall not apply to furniture, fixtures and machinery which are not for sale in the regular course of any such business. Furniture, fixtures and machinery on hand on the assessment date but not for sale in the regular course of business shall be listed for taxation under such of the other provisions of the general statutes and of special acts as are applicable. This section shall apply to the property of all persons, whether residents of this state or not, and to the property of all corporations, whether domestic or foreign. The word “town” as used herein includes a consolidated town and city and a consolidated town and borough.

(1949 Rev., S. 1750; 1953, S. 1049d; February, 1965, P.A. 461, S. 1; P.A. 99-189, S. 10, 20.)

History: 1965 act made October first the assessment date unless specially provided, deleted references to cities and boroughs, clarified provisions for calculation of assessment and defined “town”; P.A. 99-189 changed list to declaration and made technical changes, effective June 23, 1999, and applicable to assessment years of municipalities commencing on or after October 1, 1999.

See Sec. 12-24b re repeal of inconsistent special acts.

Business carried on here taxable though owner is nonresident and the goods are liable to taxation in another state; otherwise as to horse and wagon used in the business. 56 C. 351. Quaere, as to limitation upon amount of deduction. 76 C. 673. Scope of words “trading or mercantile business”; lumbering. 82 C. 269. Money in hands of receiver of manufacturing concern not within section. Id., 406. In case of fire district, taxing power is confined to value of goods actually within the district. 92 C. 676. Cited. 145 C. 375. Average amount of goods on hand at end of each month not exclusive method of determining taxable quantity. 146 C. 165. Buying groceries at wholesale for sale to retail grocers who are members of association held to be a trading or mercantile business. 147 C. 287. Property in plaintiff's factory, title to which passed to federal government under provisions of contract of manufacturer, may not be taxed to plaintiff who had nothing except right to its use and possession; statute does not authorize assessment of tax against possessory interests. 156 C. 33.

Where, in action to collect taxes levied under section, defendant asserted tax is unconstitutional, plaintiff is entitled to summary judgment since such a defense could not be properly made in such an action and there was no genuine issue as to any material fact; taxpayer claiming to be aggrieved may seek relief as provided by Sec. 12-118 or 12-119 or may pay the tax, under proper protest, and sue to recover such money as was illegally paid; he may not, in an action to collect the tax, contest the valuation placed on his property. 25 CS 466.