Motor Vehicle

The basis of the motor vehicle assessments used by the City of New Britain is the pricing procedure mandated in Section 12-71d of the General Statutes of the State of Connecticut. 

Due to recent legislation, a few changes to the motor vehicle valuation process take effect with the October 1, 2024, assessment year and thereafter.

Vehicles will no longer be taxed at market value but rather the new required MSRP, depreciation scale method.

Vehicle Valuation: In the past, vehicles were valued based on the NADA/JD Power pricing guides of each October 1st. Beginning with the October 1, 2024, assessment year, vehicles will instead be valued by multiplying the vehicle’s original MSRP by a fixed depreciation factor based on the vehicle’s age. The depreciation schedule starts at 90% for vehicles up to one year old and decreases by 5% each year, ending at 20% for vehicles fifteen years old and beyond.

Although the method for determining a vehicle’s value has changed, the percentage of a vehicle’s value that is taxable (known as the vehicle’s assessment) remains unchanged at 70%

It is also important to note that most vehicles which are twenty years of age or older can be registered with a special plate at the Motor Vehicle Department. This type of registration limits the assessment on the vehicle to $500. (Connecticut General Statutes 14-20 and 12-71.)