Submitted by Haddam Board of Assessment Appeals
(March 16, 2025) — Pursuant to Section 12-117A of the Connecticut General Statutes, as of October 1, 2024, motor vehicle assessments in Connecticut will now be based on the Manufacturer’s Suggested Retail Price (MSRP), along with a statutory depreciation rate. This will be used to calculate your July 2025 tax bill.
Motor vehicles will be assessed on the MSRP the year the vehicle was manufactured WITHOUT regard to factors such as high mileage, salvage vehicles, and rebuilt titles.
Let’s look at the following example:
The vehicle was purchased in 2020 and the MSRP in that year was $30,000.
The starting value is $30,000, which is then reduced by the statutory depreciation rate which, in this case, is 35%. Next, we multiply the MSRP by 65% to get the depreciated value $30,00 x 65% = $19,500. Then, to get the assessed value, take the $19,500, multiply by 70% or $13,650. Finally, to get the taxes owed, multiply $13,650 by the current mill rate of 32.46 to get a tax bill of $443.08.
The ONLY grounds for appeal for a taxpayer is if the Assessor did not base the assessment on the vehicle’s MSRP.
NOTE: Vehicle owners may appeal the MSRP determination to the Board of Assessment Appeals at their next successive meeting. (September 17, 2025 at the Higganum Community Center)
