CT SB00450

Phases in a property tax exemption for motor vehicles over five years starting October 1, 2024, with increasing exemption amounts: $5,000 (2024), $9,000 (2025), $14,000 (2026), $21,000 (2027), and complete exemption (2028 and beyond).

Increases the uniform property assessment rate from 70% to 90% over the same five-year period: 75% (2024), 80% (2025), 83% (2026), 87% (2027), and 90% (2028 and thereafter).

Updates Connecticut's personal property tax and supplemental grand list assessment procedures to reference the new phased-in assessment rates based on applicable assessment year.

Implements scheduled increases to residential property assessment rates for municipalities using the property tax classification system, with specific percentage increases ranging from 3.45% to 7.14% annually from 2024-2028.

Effective date of October 1, 2024, with amendments to multiple statutes governing property taxation, assessment procedures, and personal property valuations.