CT HB05580

Establishes a state-wide mill rate for motor vehicle property taxation calculated as the median of all municipal mill rates, effective for assessment years beginning October 1, 2011.

Creates a motor vehicle property tax account to hold tax revenues collected under the state-wide mill rate and distribute payments to municipalities to offset revenue differences from their local rates.

Provides transitional payments to municipalities with higher mill rates than the state-wide rate, phasing down from 100% of discrepancy amounts in 2012-2013 to 20% by 2016-2017, with payments ending October 31, 2017.

Increases the assessed value cap for antique, rare or special interest motor vehicles from $500 to $2,500 and extends the age requirement from 20 years to 30 years old.

Requires the Secretary of the Office of Policy and Management to develop a schedule of motor vehicle values for assessors, covering vehicles up to 30 years old, removing the requirement to base assessments on fair market value.