URGENT LEGISLATIVE ALERT (UPDATE)
Connecticut Bill to Revise Property Tax Evaluation for Older Cars Dies as Legislature Adjourns
Legislation (H.B. 5343) to lower the property tax on many older vehicles died when the legislature adjourned for the year. Under the bill, the personal property tax would have been changed to a flat tax of $100 per year for vehicles between 8 and 10 years old with an assessed value of less than $10,000, and $50 per year for vehicles 10 years old and older with an assessed value of less than $8,000.
Under current Connecticut law, personal property taxes on vehicles are determined based on the assessed value of the vehicle and the local mill rate, which varies from jurisdiction to jurisdiction. The bill would have been most beneficial in jurisdictions with the highest mill rates and less helpful in jurisdictions with lower mill rates.
Thank you to those who participated in voicing an opinion on this bill.