Pursuant to Public Act 22-118 and June Special Session Public Act 24-1, 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.
Also, 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.
