"Special Interest Vehicles Tax assessment in CT

[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

[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?