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Finance committee backs opting into 90% vehicle valuation schedule, sends measure to full council
Summary
The Norwalk Finance and Claims Committee voted unanimously March 20 to forward a resolution to the full Common Council that would let the city apply the state’s alternate motor-vehicle depreciation schedule starting Oct. 1, 2024, valuing new vehicles at 90% of MSRP instead of 85%.
The Norwalk City Finance and Claims Committee voted unanimously March 20 to send a resolution to the full Common Council that would let the city apply the state’s alternate motor-vehicle depreciation schedule, beginning Oct. 1, 2024, and valuing new vehicles at 90% of MSRP instead of 85%.
The resolution, read into the record at the committee meeting, cites municipality authority under Connecticut General Statutes to elect the modified schedule of depreciation for motor-vehicle assessments. Committee members then heard from Jared Smith, the city’s chief financial officer, and Paul Gorman, the tax assessor, before approving the measure.
Why it matters: Jared Smith and…
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