Motor Vehicle Assessment Changes
Motor Vehicle Assessment Changes Effective October 1, 2024
Prior to October 1, 2024, motor vehicles were assessed at 70% of the Clean Retail value found in the JD Power pricing guide. Pursuant to Public Act 22-118 and Public Act 2025-2, the Town Assessment Department will be valuing registered/non-registered vehicles differently than they have in the past. As of October 1, 2024, the Assessment Department will use the Manufacturer Suggested Retail Price (MSRP) of each vehicle and apply the depreciation schedule on the following page to calculate the depreciated value of each vehicle. This depreciated value will then be multiplied by the statewide assessment ratio of 70% to come up with the assessed value of the vehicle for taxation. The assessed value of the vehicle will decrease yearly based on the depreciation schedule but will never fall below a 500 assessment for taxation purposes. The assessment is then multiplied by the statewide mill rate of 32.46.
Example of old and new tax calculation based on a 2022 Toyota Corolla XLE (estimate only)
Old Valuation Method
100% average retail price/clean retail value= $28,875 (JD Power Clean Retail) $28,875 x 70% Assessment Ratio = 20,210 assessment 20,210 x 32.46 motor vehicle mill rate= $656.02 tax bill.
New Valuation Method
MSRP $27,625 X 80% depreciation from schedule = $22,100 depreciated value $22,100 x 70% Assessment Ratio = 15,470 assessment 15,470 x 32.46 motor vehicle mill rate = $502.16 tax bill.
New Personal Use Exemptions pursuant to Section 12-81 (82) of the CT General StatutesÂ
- Any snowmobile, all-terrain vehicle or residential utility trailer, provided such property is exclusively used for personal use is exempt for assessment years commencing on or after October l, 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.
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 Public Act 2025-2 of the CT General Statutes
| Age of Vehicle | Percentage of MSRP |
|---|---|
| Up to year one | Ninety percent |
| Year two | Eighty-five percent |
| Year three | Eighty percent |
| Year four | Seventy-five percent |
| Year five | Seventy percent |
| Year six | Sixty-five percent |
| Year seven | Sixty percent |
| Year eight | Fifty-five percent |
| Year nine | Fifty percent |
| Year ten | Forty-five percent |
| Year eleven | Forty percent |
| Year twelve | Thirty-five percent |
| Year thirteen | Thirty percent |
| Year fourteen | Twenty-five percent |
| Years fifteen to nineteen | Twenty percent |
| Years twenty and beyond | Not less than $500 |