State changes procedure for tax valuation of motor vehicles

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KENT, Conn. —The State of Connecticut has passed legislation changing the procedure local assessors use to value registered/non-registered motor vehicles.

Effective with the Oct. 1, 2024, Grand List, assessors will apply the statutory depreciation schedule to the Manufacturer Suggested Retail Price (MSRP) for the vehicle to calculate the depreciated value of the vehicle.

The depreciated value will then be multiplied by the statewide assessment ratio of 70 percent, producing the assessed value of the vehicle for taxation. The assessed value of the vehicle will automatically decrease according to the depreciation schedule. Vehicles will be assessed at no less than $500 for taxation purposes at any time.

Also, snowmobiles, all-terrain vehicles or residential utility trailers, provided such property is exclusively for personal use, will be exempt for assessment beginning Oct. 1, 2024, and for years thereafter.

For information click here.