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ORDINANCE AMENDMENT TO TITLE III OF THE CITY OF NEW HAVEN'S CODE OF ORDINANCES REGARDING CHAPTER 28 - TAXATION ADDING SEC. 28-25 ENTITLED "REVISED DEPRECIATION SCHEDULES FOR THE ASSESSMENT OF MOTOR VEHICLES"
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WHEREAS, the State of Connecticut (the "State) allows local municipalities to adopt a modified depreciation schedule with respect to motor vehicles based on the manufacturer's suggested retail price of such; and,
WHEREAS, the net Motor Vehicle Grand List fell by 10% from 2023 to 2024; and,
WHEREAS, the modified depreciation schedule with respect to motor vehicles based on the manufacturer's suggested retail price of would change such reduction from 10% to 0.5%; and,
WHEREAS, the change in such reduction from 10% to 0.5% allows for smaller distribution of the property tax burden to be shifted from motor vehicle to real estate and personal property for the 2024 Grand List.
NOW, THEREFORE, BE IT ORDAINED by the New Haven Board of Alders that Chapter 28 of the Code of Ordinances of the City of New Haven be amended by adding Sec. 28-25 entitled "Revised Depreciation Schedules For the Assessment of Motor Vehicles" with the following language:
For assessment years commencing on or after October 1, 2024, the Assessor will use the following modified schedule of depreciation with respect to motor vehicles based on the manufacturer's suggested retail price of such motor vehicles, provided no motor vehicle shall be assessed at an amount less than five hundred dollars ($500).
Age of Vehicle Percentage of Manufacturer's Suggested Retail Price
Up to year one Ninety per cent (90%)
Year two Eighty-five per cent (85%)
Year three Eighty per cent (80%)
Year four Seventy-five per cent (75%)
Year five Seventy per cent (70%)
Year six Sixty-five per cent (65%)
Year seven Sixty per cent (60%)
Year eight Fifty-five per cent (55%)
Year nine Fifty per cent (50%)
Year ten Forty-five per cent (45%)
Year eleven Forty per cent (40%)...
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