PDF The motor vehicle property tax in Connecticut

The motor vehicle property tax in Connecticut

Lawrence Walters

Connecticut State Tax Panel Presentation Hartford, 17 Nov 2015

Presentation Outline

? Overview of the motor vehicle property tax

? Comparison with other states ? Administrative challenges ? Policy options

Overview of the personal property tax

Net Motor Vehicle Assessed Value as a Percent of Total Net Grand List

Percent of Total Net Grand List

8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

7.3% 2004

6.7% 2005

6.4% 2006

5.8% 2007

5.3% 2008

5.2% 2009

5.6% 2010

5.9% 2011

6.2% 2012

6.4% 2013

Gross Assessed Motor Vehicle Value

Gross Assesed Value (millions)

24,000 23,500 23,000 22,500 22,000 21,500 21,000 20,500 20,000 19,500

2008

2009

2010

2011

2012

2013

Total Registered Motor Vehicles

Total Registered Motor Vehicles (1,000s)

3,200 3,100 3,000 2,900 2,800 2,700 2,600 2,500

2008

2009

2010

2011

2012

2013

Number of Towns

Net Motor Vehicle Assessments as a Percent of Total Net Grand List: 2013

40 35 30 25 20 15 10

5 0

Percent of Net Grand List

Motor Vehicle Tax on $20,000 Vehicle: Illustration

Percent of Jurisdictions

60%

50%

40%

30%

20%

10%

0% 149-199 200-249 250-299 300-349 350-399 400-449 450-499 500-549 550-599 600-699 700-799 800 or more

Tax amount (dollars)

2014 Mill Rate

2014 rate + cap

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