Bill > HB05449

This bill proposes to reduce the mill rate cap for motor vehicles from 32.46 mills to 30 mills. A mill rate is a property tax rate where one mill represents $1 of tax per $1,000 of assessed property value. By lowering the mill rate cap specifically for motor vehicles, the bill aims to reduce the tax burden on vehicle owners. To ensure municipalities do not suffer financial losses from this reduction, the bill also plans to adjust grants from the Municipal Revenue Sharing Fund, which is a state fund designed to provide financial support to local governments. These adjustments will help reimburse municipalities for the revenue they would otherwise lose due to the lower mill rate. The bill is essentially a measure to provide tax relief for vehicle owners while maintaining local government funding through a compensatory grant mechanism.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05449&which_year=2025