In an effort to tamp down rising taxes, the towns of Putnam and Plainfield have turned down a state-authorized option to assess motor vehicles at a higher value on their grand lists. The governing bodies of both towns voted against a 20-year motor vehicle depreciation schedule that would have increased the assessed value of cars on the towns’ grand lists by an additional 5%. “This is a tough year for our budgets and that (valuation method) would increase the taxes for residents if we went for it,” Plainfield First Selectman Kevin Cunningham said about his town's decision.
According to Putnam Assessor Tina Corriveau, had the town opted for the higher-value depreciation schedule, it would have cost the average household an extra $14. If nothing changes with Putnam’s budget, Corriveau said, the average single-family home with two average-valued vehicles would see taxes increase by $874 next year. Under the modified schedule, taxes for the same household would increase by $888.
Up until the Oct. 1, 2024, grand list, motor vehicle taxes were based on a “schedule of values” determined by the Connecticut Office of Policy and Management. These values were calculated using 100% of a car’s average retail price and typically followed the National Automobile Dealers Association’s annual appraisal guide.
Now, tax assessors must value motor vehicles based on a percentage of the original manufacturer’s suggested retail price, or MSRP. Prior to this month, towns were requir.
