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Hebron assessor details state-driven change to motor-vehicle valuations, explains who is affected
Summary
Town assessor Suzanne explained a new state valuation method that resets motor-vehicle values to MSRP with a fixed depreciation schedule effective Oct. 1, 2024, producing a roughly $4 million drop in Hebron's motor-vehicle grand list but uneven effects across taxpayers.
Suzanne, the town assessor, told the Hebron Board of Selectmen on July 10 that new state legislation effective Oct. 1, 2024, changed how motor vehicles are valued for property-tax purposes and that the change has produced mixed results for taxpayers.
The new method resets values to manufacturer suggested retail price (MSRP) and uses a fixed depreciation schedule that begins at 90% of MSRP and declines 5 percent each year until a floor of 20 percent is reached (a 14-year path to the floor). The assessor said the change was adopted by the Legislature to smooth large COVID-era fluctuations in used-vehicle values.
Why it matters: The change reduces the total taxable motor-vehicle value on Hebron’s grand list but does not affect every taxpayer the same way. The assessor said overall valuation for motor vehicles in town…
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