Bill > HB05285

This bill modifies how older motor vehicles are assessed for tax purposes, specifically for vehicles manufactured nineteen years or fewer prior to the assessment year. Under the new rules, these older vehicles will be taxed at a rate of ten percent of their original Manufacturer's Suggested Retail Price (MSRP), which is the price recommended by the manufacturer when the vehicle was new, or a flat rate of five hundred dollars, whichever amount is lower. However, municipalities have the option to adopt a "modified depreciation schedule," which means that in those specific towns, older vehicles will be taxed at fifteen percent of their MSRP or five hundred dollars, whichever is less. This change is set to take effect for tax assessment years beginning on or after October 1, 2026.

Housing and Urban Affairs

Planning and Development Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05285&which_year=2026