CT HB05405

Establishes a state-wide mill rate for motor vehicle property taxes calculated as the median of all municipal mill rates, effective for assessment years beginning October 1, 2012.

Requires municipalities to collect motor vehicle taxes at the state-wide rate and remit excess collections to a state motor vehicle property tax account, with quarterly adjustments through October 2018.

Provides declining reimbursements to municipalities with mill rates higher than the state-wide rate over five years (100% in year one, declining to 20% by year five) and provides 5% reimbursements to municipalities with lower mill rates.

Amends antique motor vehicle definitions by increasing the age threshold from 20 to 30 years old and increasing the maximum assessed value from $2,500 to $2,500 (no change in value).

Repeals section 12-122a and modifies motor vehicle valuation procedures to require the Secretary of the Office of Policy and Management to determine values without reference to fair market value, including vehicles up to 30 years old.