MV Assessment Changes Effective October 1, 2024

Pursuant to Public Act 22-118 and June Special Session Public Act 24-1, municipal Assessors will be valuing registered/ non-registered 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 Powers Clean Retail)

                $20,325 x 70% Assessment Ratio = $14,227.50

                $14,227.50 x mill rate (22.3 per 23GL) = $317.27 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 mill rate (22.3 for 23 GL) = $243.72 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.
  • 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.

 

Board of Assessment Appeals pursuant to Section 12-117a of the CT General Statutes:

  • Motor vehicles are assessed based on MSRP without factors such as high mileage, salvage vehicles, and rebuilt titles.
  • The only grounds for appeal for a taxpayer is if the Assessor did not base the assessment from the vehicle’s MSRP.
  • Vehicle owners may appeal the MSRP determination to the Board of Assessment Appeals at their next successive meeting. 

Depreciation Schedule pursuant to Section 12-63 of the CT General Statutes:

Age of Vehicle

Percentage of MSRP

Up to year one ( model year 24 and newer)

85%

Year two

80%

Year three

75%

Year four

70%

Year five

65%

Year six

60%

Year seven

55%

Year eight

50%

Year nine

45%

Year ten

40%

Year eleven

35%

Year twelve

30%

Year thirteen

25%

Year fourteen

20%

Year fifteen to nineteen

15%

Year twenty and beyond

Not less than $500


Provided no motor vehicle shall be assessed at an amount less than five hundred dollars. 

 Vehicles, registered or non-registered, 20 years or older that meet the definition as an antique, rare or special interest motor vehicle, in accordance with the provisions of the Connecticut General Statutes Section 14-1, as amended by Public Act 08-150, Section 1, shall not be assessed more than $500. 

 

 Definition C.G.S. Section 14-1, (3) "Antique, rare or special interest motor vehicle" means a motor vehicle twenty years old or older which is being preserved because of historic interest, and which is not altered or modified from the original manufacturer's specifications.