HB05285

Connecticut HB05285 establishes a new depreciation schedule for motor vehicle assessments, effective from October 1, 2026.

Connecticut HB05285 introduces a new depreciation schedule for assessing motor vehicles based on their manufacturer's suggested retail price. This schedule applies to assessment years starting on or after October 1, 2026. It sets specific percentages for vehicle depreciation over the years, ensuring no vehicle manufactured within the last nineteen years is assessed below five hundred dollars. Municipalities can opt to apply this modified schedule by a vote of their legislative body or board of selectmen, with a notification requirement to the Secretary of the Office of Policy and Management.