CT HB05644

Repeals and replaces subsection (b) of section 12-63 regarding depreciation schedules for tangible personal property, effective October 1, 2019 for assessment years commencing on or after that date.

Municipalities may adopt the new depreciation provisions by ordinance during their property revaluation year under section 12-62, with provisions applicable to all subsequent assessment years.

Establishes six depreciation schedules based on property type: Group I computer hardware (70% first year declining to 10%), Group II large hardware systems (90% first year declining to 10%), copiers/medical equipment (95% first year declining to 20%), manufacturing machinery (90% first year declining to 20%), and commercial construction equipment/motor vehicles (95% first year declining to 30%).

Leased personal property values depreciate using the same schedules applied to original selling price or acquisition cost; assessors may adjust values if schedules do not accurately reflect true and actual value.

Exempts videotapes, livestock, electric cogenerating equipment, and public service company property from the depreciation schedules; taxpayers retain the right to appeal assessments.