"Special Interest Vehicles Tax assessment in CT

[UKjohnnycobra]

Hi

I'm adding this thread to the NE group rather than the registration forum as it is a CT only issue.....

While looking into the benefits of having a Classic Vehicle plate for my "other car" a 1994 Porsche Carrera 4* I found this other statement that "Special Interest motor vehicles shall be assessed at a value of not more than $500".

Has anyone on the forum addressed this issue with their town as a way of reducing property taxes?

and, yes. My Other Car Is A Porsche

[davids2toys]

Originally Posted by UKjohnnycobra

Hi

I'm adding this thread to the NE group rather than the registration forum as it is a CT only issue.....

While looking into the benefits of having a Classic Vehicle plate for my "other car" a 1994 Porsche Carrera 4* I found this other statement that "Special Interest motor vehicles shall be assessed at a value of not more than $500".

Has anyone on the forum addressed this issue with their town as a way of reducing property taxes?

and, yes. My Other Car Is A Porsche

State law is 20 years old equals a 500.00 assessment whether you have an early American plate or not. It is hard to believe out of the five vehicles I have registered, the Cobra is the lowest bill and it is actually worth the most. I just paid 13.00 for the year. Hell, my utility trailer costs 19.00!!!

[JoeT]

do you have a link to this info.

I found this

Sec. 3. Subsection (b) of section 12-71 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013, and applicable to assessment years commencing on and after said date):

(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, as defined in section 14-1, as amended by this act, shall be assessed at a value of not more than two thousand five hundred dollars.

and then this

(3) "Antique, rare or special interest motor vehicle" means a motor vehicle [twenty] thirty 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;

My car is titled as a 2005 composite

[UKjohnnycobra]

yes my Cobra is a "2006 composite", so I'm pushing for the $500 assessment based on it being a special interest vehicle rather than a 20 year old vehicle

Heres the link that started my interest:

DMV: Classic Vehicle Plate

look at the very last line

[Cashburn]

Sure, go through the current inspection process and re-register as year of replication, make as composite and model as Cobra.

[davids2toys]

Originally Posted by Cashburn

Sure, go through the current inspection process and re-register as year of replication, make as composite and model as Cobra.

What he said

[UKjohnnycobra]

thanks

[JoeT]

just digging this thread up as my tax bill arrived today

My factory five was assigned a value of $10,000 and at the mil rate of 30.25, I was assigned a property tax bill of $302.50

my wife's '66 mustang however was assessed at $500


my daily driver, which I don't think on it's best day I could sell for $10,000 was assigned a $15250 value

[cycleguy55]

Originally Posted by JoeT

just digging this thread up as my tax bill arrived today

My factory five was assigned a value of $10,000 and at the mil rate of 30.25, I was assigned a property tax bill of $302.50

my wife's '66 mustang however was assessed at $500


my daily driver, which I don't think on it's best day I could sell for $10,000 was assigned a $15250 value

Pardon my naiveté, but you're saying you pay property tax on your vehicles? Excuse the pun, but that's a completely foreign concept to me (I'm in Canada). I paid sales tax (federal and provincial) when I purchased my Cobra or any of our other vehicles (and subsequent parts, etc.), but there is no property, capital or any other taxes applicable as long as I own it.

Just curious - what other jurisdictions charge property or capital tax for vehicles?

[twobjshelbys]

Originally Posted by cycleguy55

Just curious - what other jurisdictions charge property or capital tax for vehicles?

Virtually every state I've ever lived in has assessed a vehicle tax. There are some fixed fees associated with the vehicle, but almost all have some kind of tax based on value. In most places it is calculated on a depreciation schedule. Some places, though, actually look at cars the same as real estate and assess taxes based on recent sales, so the guys with Ford GTs in some places in VA are paying horrible taxes on their cars as the values go up.

[JoeT]

Originally Posted by cycleguy55

Pardon my naiveté, but you're saying you pay property tax on your vehicles? Excuse the pun, but that's a completely foreign concept to me (I'm in Canada). I paid sales tax (federal and provincial) when I purchased my Cobra or any of our other vehicles (and subsequent parts, etc.), but there is no property, capital or any other taxes applicable as long as I own it.

Just curious - what other jurisdictions charge property or capital tax for vehicles?

Yup... everyplace I've ever lived in the states charges something like this. Massachusetts called it "excise tax", Colorado called it Vehicle tax, CT calls it personal property tax.

Here it is $30.25 for every $1000 of value (3.025%). My wife's 2011 Mercedes E63 was over $2000 this year, $2200 last year, and I forget what we paid in Colorado when she bought it, but I think it was over $2000 as well...


I should add that this tax is on top of the sales tax when you buy a car of 6.75% (so if you buy a $50,000 car, when you go to register it hand the state $3375 plus another $150 or so in fees)


I won't ever get into the $15,000 a year in annual home property taxes for the privilege of living in the crappy state

[raoulmc]

I,m not sure of your question but that is correct. The town cannot value your vehicle at anymore than $500.00. Not sure if that answersyour question. The town should know that because of the classic vehicle plate.

[davids2toys]

Originally Posted by raoulmc

I,m not sure of your question but that is correct. The town cannot value your vehicle at anymore than $500.00. Not sure if that answersyour question. The town should know that because of the classic vehicle plate.

Doesn't even matter about the plate, 20 years old= 500.00 assessment period!

[Don]

I have not kept current with the changes since 2000 when I registered my CRI as a Composite. Still having the initial standard plate, the value on the 2014 tax statement is listed as $1,130, tax of $32.43. For comparison, the 2002 Z06 Corvette has a value of $12,010, tax of $344.69.

[davids2toys]

Originally Posted by Don

I have not kept current with the changes since 2000 when I registered my CRI as a Composite. Still having the initial standard plate, the value on the 2014 tax statement is listed as $1,130, tax of $32.43. For comparison, the 2002 Z06 Corvette has a value of $12,010, tax of $344.69.

yes, but what year does it say on you reg or title? If it is 20 years old from that date, the town is suppose to automatically adjust for the 500.00 assessment

[Don]

Originally Posted by davids2toys;1****44

yes, but what year does it say on you reg or title? If it is 20 years old from that date, the town is suppose to automatically adjust for the 500.00 assessment

Year of registration and Model year is 2000, with the standard plate

[JoeT]

Originally Posted by Don;1****60

Year of registration and Model year is 2000, with the standard plate

After checking with my town, that is why mine was not $500 as well... My car is titles as a 2005. Not sure where they get the valuation from though for a 2005 cobra composite as I don't think NADA would have that listed.

I guess I'll make a trip at some point to the DMV and see if I can get it changed to a '65. That said, if I have to bring it in for an inspection again, I think I'll let it slide the way it is

[Velvet Hammer]

No annual tax bill in PA. 6% sales tax at purchase and a flat $36 fee annually.

Originally Posted by cycleguy55

Pardon my naiveté, but you're saying you pay property tax on your vehicles? Excuse the pun, but that's a completely foreign concept to me (I'm in Canada). I paid sales tax (federal and provincial) when I purchased my Cobra or any of our other vehicles (and subsequent parts, etc.), but there is no property, capital or any other taxes applicable as long as I own it.

Just curious - what other jurisdictions charge property or capital tax for vehicles?

[davids2toys]

Originally Posted by Don;1****60

Year of registration and Model year is 2000, with the standard plate

Model year needs to say 1960 something,. I believe since that law went into affect, you can change it. I would contact MVD

[Don]

I have not yet visited with the Town Tax Assessor, but wanted to obtain background information should anyone have some input. Registered as a 2000 Composite Roadster ( CT VIN ) with standard registration plates. Vehicle was not viewed/inspected by the Tax Assessor in 2014 or 2015. Continous registration since 2000.

The tax value in 2014 was $1,130, the 2015 tax value is $22,750. I do not recall receiving any notice regarding the increased assessment.

Anyone else experience an increase for 2015 ?

Is there a CT State Tax Assessors standard for valuing Composite vehicles or does each Town Tax Assessor use their own standards ?

....thanks