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From what I understand, the $500 assessment does not pertain to composite cars. Each city has their own system for assessing property tax. I believe my assessment ($20,000) was based on the basic kit price as advertised online. A guy I met this past summer who had a '34 Ford coupe (previously built and bought this past year) was assessed at $15,000 for which his bill amounted to about $450 per year. Still a lot of gray area here in CT.