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Selectmen adopt state’s local option for motor vehicle depreciation schedule
Summary
The board voted to adopt the local option under HB 7067 to apply a modified motor vehicle depreciation schedule (starting at 90% of MSRP) for assessment, aligning with recent legislative changes.
The Board of Selectmen voted March 10 to adopt the local option authorized under state legislation (referred to in the packet as HB 7067) that modifies the motor vehicle depreciation schedule used for local assessment.
Staff explained the change increases the initial assessed percentage for newer vehicles from 85% to 90% of the manufacturer’s suggested retail price and applies across the multi‑year schedule that follows. A town official said the change was not limited to a single year but represents an ongoing local option to modify the depreciation table; a town staff member clarified the legislative language was incorporated into the board motion.
The board approved the adoption by voice vote; the selectmen answered “aye.” The Selectmen said the change was incorporated into budget projections and that no immediate administrative changes beyond adopting the schedule were necessary.
