MOTOR VEHICLE ASSESSMENT CHANGES EFFECTIVE OCTOBER 1, 2024
Pursuant to Public Act 22-118, June Special Session Public Act 24-1, and Public Act 25-2, municipal Assessors will be valuing registered/non-registered passenger motor vehicles differently than they have in the past.
Effective with the October 1, 2024 Grand List, Assessors will utilize the Manufacturer Suggested Retail Price (MSRP) of your vehicle and apply the statutory depreciation schedule to calculate the depreciated value of your vehicle.
The depreciated value will then be multiplied by the statewide assessment ratio of 70%, producing the assessed value of your vehicle for taxation.
The assessed value of your vehicle will automatically decrease according to the depreciation schedule. Your vehicle will be assessed at no less than $500 for taxation purposes at any time.
Example based on a 2020 Honda Accord LX (estimate only)
OLD VALUATION METHOD
100% average retail price/clean retail value = $20,325 (JD Power Clean Retail)
$20,325 x 70% Assessment Ratio = $14,227.50
$14,227.50 x 32.46 motor vehicle mill rate = $461.83 tax bill
NEW VALUATION METHOD
MSRP $24,020 X 65% depreciation from schedule = $15,613
$15,613 x 70% Assessment Ratio = $10,929.10
$10,929.10 x 32.46 motor vehicle mill rate = $354.76 tax bill
New Personal Use Exemptions pursuant to Section 12-81 (82) of the CT General Statutes
• Any snowmobile, all-terrain vehicle or residential utility trailer, provided such property is exclusively for personal use is exempt for assessment years commencing on or after October 1, 2024.
• A utility trailer is defined under Section 14-1 as a trailer designed and used to transport personal property, materials or equipment, whether or not permanently affixed to the bed of the trailer.
• While still required to be registered with the Department of Motor Vehicles, these types of vehicles will be treated as personal possessions and no longer subject to local property taxation.
