CT Antique Car Assessment Bill

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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) "