Property Tax Savings for CT Residents

[ZRapid-1]

PSA for anyone not aware of a fairly recent change in Connecticut law regarding motor vehicle assessments. Autos 1991 and older are eligible and do not require Antique License plates.

If your Mill Rate is 30, then your annual motor vehicle property tax will be $500 x 0.030 = $15.00.

You will need to fill out an Affidavit at the Town assessor?s office to get this assessment.

I took advantage of it for my stock 1990. Hope it saves someone else a little bit too.


Public Act 08-150 (Bill No. 297) - AN ACT CONCERNING THE DEPARTMENT OF MOTOR VEHICLES.

Section 56 of Public Act 08-150 amends subsection (b) of ?12-71, effective October 1, 2008. The amendment to ?12-71(b) eliminates the requirement that the DMV must issue number plates under ?14-20 (i.e., DMV Class Code 25 ? Historic) for a motor vehicle, in order for its assessment to be $500 or less. Instead, the amended statute provides a $500 assessment cap, for assessment years commencing on and after October 1, 2008, with respect to any ?antique, rare or special interest motor vehicle, as defined in ?14-1.? That definition is ??a motor vehicle twenty years old or older which is being preserved because of historic interest and which is not altered or modified from the original manufacturer's specifications.?

The amended provisions of ?12-71(b) do not contain a registration requirement. As a result, an assessment limit of $500 is applicable to any registered or unregistered antique, rare or special interest motor vehicle.

Note ? The lists of registered motor vehicles that DMV provides to assessors pursuant to ?14-163, will continue to reflect Class Code 25 for motor vehicles that have been issued Early American plates, even though the issuance of such plates is not a prerequisite for the $500 assessment cap under ?12-71(b).



(3)"Antique, rare or special interest motor vehicle" means a motor vehicle twenty years old or older which is being preserved because of historic interest and which is not altered or modified from the original manufacturer's specifications;
Sec. 56. Subsection (b) of section 12-71 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2008):
(b)Except as otherwise provided by the general statutes, property subject to this section shall be valued at the same percentage of its then actual valuation as the assessors have determined with respect to the listing of real estate for the same year, except that any antique, rare or special interest motor vehicle, [for which number plates have been issued under section 14-20] as defined in section 14-1, as amended by this act, shall be assessed at a value of not more than five hundred dollars. The provisions of this section shall not include money or property actually invested in merchandise or manufacturing carried on out of this state or machinery or equipment which would be eligible for exemption under subdivision (72) of section 12-81 of the 2008 supplement to the general statutes once installed and which cannot begin or which has not begun manufacturing, processing or fabricating; or which is being used for research and development, including experimental or laboratory research and development, design or engineering directly related to manufacturing or being used for the significant servicing, overhauling or rebuilding of machinery and equipment for industrial use or the significant overhauling or rebuilding of other products on a factory basis or being used for measuring or testing or metal finishing or in the production of motion pictures, video and sound recordings.