CT Antique Car Assessment Bill

[Don]

The Bill referenced below:

" An Act Concerning Enhancements To Municipal Finance and Accountability "

LCO No. 3789, Governor's Bill No.7050.Bill has been referred to Committee on Finance, Revenue and Bonding

Excerpt from the CT Council of Car Clubs:

" 4C’s Legislative Alert No. 1 – Bill Introduced to Increase Maximum Property Tax Assessment from $500 to $1000 and the minimum age of an antique car from 20 to 30 years.

On Friday, February 10, 2017 the 4C’s was provided with Governor’s Bill No. 7050, “An Act Concerning Enhancements to Municipal Finance and Accountability” introduced by Representatives Aresimowicz and Ritter, and Senators Looney and Duff has been referred to the Finance Revenue and Bonding Committee. The 88 page bill is attached. This bill contains two provisions adverse to the antique auto hobby.

Section 42 on page 83 of the attached bill proposes to increase the maximum property tax assessment on any antique, rare or special interest motor vehicle from $500 to $1000. Section 43 starting on the bottom of page 83 proposes to raise the age requirement of an antique rare or special interest motor vehicle from 20 years old or older to 30 years old or older. This section does allow for vehicles between 20 and 30 years old that have “Classic Vehicle” or “Early American” License Plates issued before October 1, 2017 to continue to use those plates. So the owners of these vehicles will not have to go back to DMV and re-register their vehicles with regular passenger car plates.

If these provisions are adopted, the maximum property tax assessment on an antique car greater than 30 years old will double from $500 to $1000. For a current antique, rare or special interest vehicle between 20 and 30 years old the property tax assessed value will increase from $500 to the fair market value. As an example, a 1992 Mustang GT Convertible currently assessed at $500 would be assessed at approximately $5000 (the NADA Average Retail Value of the vehicle) "

[Millsy]

CT SUCKS, not much more to say. All my family is here so leaving just isnt an option.

[sea2jet]

Malloy is also trying to raise the renewal cost of a CT pistol permit from $70.00 to $300.00

[Millsy]

Contact info for Senator Looney and Duff, feel free to let him know what u think, I am
Error 404: Page or file not found.
Bob.Duff@cga.ct.gov
EDIT,not sure why link came up as an error but email easy to find on internet

[JoeT]

The state is $1,000,000,000 in the red for this year's budget.

those of us that have even $1 left at the end of the week will have to pay, one tax increase at a time

[twobjshelbys]

Originally Posted by JoeT

The state is $1,000,000,000 in the red for this year's budget.

those of us that have even $1 left at the end of the week will have to pay, one tax increase at a time

There is the problem - tax revenues are down. Most states also have added legislation, some as state constitution amendments, that require new tax increases be put to the vote of the people. There are two problems: 1. In most cases, they will be voted down and 2. The time it takes leads to problems. So, just raise fees. Another favorite revenue raising tactic is increased traffic tickets and camera tickets.

That said, Colorado a long time ago fixed the minimum date for a "classic" plate to be 1975 or older. Even at 30 years, how can you assert that a 1987 Chevy is a classic?

[davids2toys]

Originally Posted by sea2jet

Malloy is also trying to raise the renewal cost of a CT pistol permit from $70.00 to $300.00

Yes, this state as much as I love it BLOWS. I just saw the pistol permit proposed increase last week. This is an increase of over 300%. I can't believe the gall of these people. He tripled the deficit in two years and he tells us we will all have to suck it up and feel pain. I wonder how much pain he and his cronies are going to feel. I am getting very close to retirement age and moving out of state may be an option to explore!!!

[Don]

CT General Assembly:

Senate:

https://www.cga.ct.gov/asp/menu/slist.asp

Representatives:

https://www.cga.ct.gov/asp/menu/hlist.asp

Districts By Town:

https://www.cga.ct.gov/asp/content/townlist.asp

[ox_ford_guy]

Ct. Is driving business and residents out. Beautiful state, but not tax friendly to the general population.. Can't afford to own many higher end cars there
due to taxes. Sad

[sea2jet]

If you purchase a vehicle 50K and up, the sales tax jumps to 7.75%. I just bought a Ford Raptor, and luckily we have a summer cottage in Maine. I registered it there and saved $1400. CT is cutting its nose off despite its face. I'm definitely moving out when I retire.

[davids2toys]

Originally Posted by sea2jet

If you purchase a vehicle 50K and up, the sales tax jumps to 7.75%. I just bought a Ford Raptor, and luckily we have a summer cottage in Maine. I registered it there and saved $1400. CT is cutting its nose off despite its face. I'm definitely moving out when I retire.

Wow, never heard of this one!!!

[twobjshelbys]

Do your taxes go down over time (as the car depreciates)? If so, is it a fixed depreciation schedule? In most of the states I've lived in (including Taxachusetts) the tax portion of the annual registration would go down to a minimum. However, some states assess the tax portion based on fair market value. I think one area is in VA around Washington DC (not the whole state?). Imagine owning a Ford GT and having your taxes GO UP every year as the market value also goes up (maybe staying the same this year though as market is flat to down over last year).

We'd always thought of MA as "Taxachusetts" but when we moved there we found that the total tax bill was pretty tolerable. The MA income tax is fixed percentage of federal but real estate taxes were out of the field. This is because cities (and schools) are on their own. In the other states we've lived (IA, AZ, CO) the schools and cities get an infusion of funds from state collected taxes. So the total taxes were on par. It helps some smaller cities/towns with low tax bases but then the flip side is that people feel they are subsidizing others. I think the latter is fairer having seen what the schools were like in some of the very small MA towns.

[Millsy]

Originally Posted by twobjshelbys

Do your taxes go down over time (as the car depreciates)? If so, is it a fixed depreciation schedule? In most of the states I've lived in (including Taxachusetts) the tax portion of the annual registration would go down to a minimum. However, some states assess the tax portion based on fair market value. I think one area is in VA around Washington DC (not the whole state?). Imagine owning a Ford GT and having your taxes GO UP every year as the market value also goes up (maybe staying the same this year though as market is flat to down over last year).

We'd always thought of MA as "Taxachusetts" but when we moved there we found that the total tax bill was pretty tolerable. The MA income tax is fixed percentage of federal but real estate taxes were out of the field. This is because cities (and schools) are on their own. In the other states we've lived (IA, AZ, CO) the schools and cities get an infusion of funds from state collected taxes. So the total taxes were on par. It helps some smaller cities/towns with low tax bases but then the flip side is that people feel they are subsidizing others. I think the latter is fairer having seen what the schools were like in some of the very small MA towns.

Last year CT actually put a cap on the mill rate for vehicles and the taxes on my Vette went down over $300 but i saw on the news they are thinking about getting rid of that with the huge budget deficit but my house taxes always go up year after year after.....

[davids2toys]

Our car taxes have nothing to do with our registration bill except that if you don't pay them you will not be able to register your car. It is treated exactly like your house and is collected by your town as property tax. So the tax on any vehicle gets taxed at the Mil rate of the town you live in multiplied by book value of the motor vehicle. So as the vehicle gets older the book value goes down, but at the same time the mil rate usually goes up every year offsetting the book value going down

[JoeT]

Originally Posted by twobjshelbys

We'd always thought of MA as "Taxachusetts" but when we moved there we found that the total tax bill was pretty tolerable. The MA income tax is fixed percentage of federal but real estate taxes were out of the field. This is because cities (and schools) are on their own. In the other states we've lived (IA, AZ, CO) the schools and cities get an infusion of funds from state collected taxes. So the total taxes were on par. It helps some smaller cities/towns with low tax bases but then the flip side is that people feel they are subsidizing others. I think the latter is fairer having seen what the schools were like in some of the very small MA towns.

I grew up in Mass, our last home there, is similar in size to our current CT home. My real estate tax bill was around $4000 a year. Here in CT it's almost $20,000. And we get less services for that tax money

state income tax is higher, sales tax is higher, personal property tax (excise) tax is higher.

Our children have 4.5 years left in school, we'll likely move right after

[twobjshelbys]

Originally Posted by JoeT

I grew up in Mass, our last home there, is similar in size to our current CT home. My real estate tax bill was around $4000 a year. Here in CT it's almost $20,000. And we get less services for that tax money

state income tax is higher, sales tax is higher, personal property tax (excise) tax is higher.

Our children have 4.5 years left in school, we'll likely move right after

When we lived in MA we looked into a "summer" house in Westerly, RI (a friend had a semi-permanent house there, some were built as full time, some summer homes only and some had taken their summer cabin and made it winterizeable). The real estate taxes on the house were almost as much as the value of the house. That region has gone a little goofy. Almost CA-like.

[cycleguy55]

Taxes on vehicles? Ouch.

We pay federal and provincial sales taxes when purchasing new, but only federal when purchasing used (no provincial sales tax as long as vehicle previously registered in province and provincial sales tax paid at least once). No annual excise or property tax on vehicles.

[Y22C]

So glad I moved out 2 years ago.

House taxes in SC about 1/10th of CT.

Ken

[Futura]

Connecticut is a beautiful place to live and raise a family. It's just going to become more and more expensive to live there. We moved to NC with my work from home job two years ago. Our two kids moved to the greater Boston area along with their cousins.

Keeping tabs on the old neighborhood, houses are still selling but the prices are down a good 10%.

[Lou1119]

Originally Posted by twobjshelbys

When we lived in MA we looked into a "summer" house in Westerly, RI (a friend had a semi-permanent house there, some were built as full time, some summer homes only and some had taken their summer cabin and made it winterizeable). The real estate taxes on the house were almost as much as the value of the house. That region has gone a little goofy. Almost CA-like.

What do you mean "Almost CA - like". Unfortunately I live in CA and the tax situation is absurd at best. Auto registration is highway robbery, sales tax is ridiculous, income tax is insane but property taxes are somewhat reasonable. However, home prices are through the roof and that makes property taxes follow the asinine tax situation.
When I sold my company my earnings took a healthy spike which made me eligible to pay a supplemental " mental health tax". Just anther way to tax the hell out of you. Someone posted that if a tax increase would be put to a vote it would be voted down. Here in the socialistic republic of California there was a vote to keep the tax surcharge on high income ealrners in effect and not let it transpire. You guessed it --- it passed by a high margin.
If it were not for our daughter and her two children living here we would be gone in a heart beat. Trust me I sympathize with you CT residents.