CT HB05043

Restructures motor vehicle property tax assessment effective October 1, 2023, replacing registration-based taxation with a manufacturer's suggested retail price (MSRP) depreciation schedule ranging from 80% (year one) to 2% minimum (year 20+)

Shifts supplemental tax payment dates from January to July 1 for vehicles registered between October 1 and April 1, and January 1 for vehicles registered April 1 through September 30 in assessment years beginning October 1, 2023

Establishes a schedule of motor vehicle plate classes and depreciation rates to be recommended by the Secretary of the Office of Policy and Management, eliminating individual assessor valuations based on average retail prices

Extends motor vehicle tax credit claim filing deadline from December 31 following the next assessment year to three years after the tax due date for assessment years commencing on or after October 1, 2023

Adds property tax exemptions for snowmobiles, all-terrain vehicles, and residential utility trailers exclusively for personal use beginning October 1, 2023