CT HB05285

Motor vehicles 20 years old or older would be assessed at 10% of the manufacturer's suggested retail price or $500, whichever is less, changing from the current flat minimum of $500

Municipalities that have elected to use the modified depreciation schedule would assess vehicles 20 years and older at 15% of MSRP or $500, whichever is less

The standard depreciation schedule starts at 85% of MSRP for vehicles up to one year old and decreases by 5% annually down to 15% for vehicles 15-19 years old

Effective October 1, 2026, applicable to assessment years commencing on or after that date

Amends Section 12-63(b)(7) of the Connecticut General Statutes governing motor vehicle property tax assessments