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Council elects modified motor-vehicle depreciation schedule to offset revaluation impacts
Summary
The council voted to adopt a modified depreciation schedule for motor-vehicle assessments starting Oct. 1, 2024, a change officials said will generate roughly $1.8 million to offset residential revaluation effects.
The Norwalk Common Council voted March 25 to apply a modified motor-vehicle depreciation schedule under Conn. Gen. Statutes to assessments for vehicles beginning with the Oct. 1, 2024 grand list.
Nut graf: Finance officials said the change to begin vehicles at 90% of value and then reduce by 5% annually will moderate a large reduction in motor-vehicle tax valuation resulting…
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