Torrington adopts modified motor-vehicle depreciation schedule after assessor outlines impact of HB7067

At a special joint meeting of the Torrington City Council and Board of Finance, the council voted to adopt the modified motor‑vehicle depreciation schedule described in the assessor’s memo dated 02/27/2025, exercising the local option provided in House Bill 7067 (HB7067) that affects valuation for the 2024 grand list.

Stacy Maldonado, Torrington’s assessor, explained the legislation and the new valuation method. She said HB7067 has four parts, including “the transfer of ownership on bankrupt hospitals,” changes “affecting the assessment of motor vehicles for the current grand list, the 24 that was just signed,” adjustments for veterans with permanent and total disability, and “some funding for special education.” On motor vehicles she said: “Prior, we were using NADA book value or market value of the vehicle. Starting this year, we use MSRP with a defined depreciation scale. It was signed into law. The depreciation scale started at 85% and went down to 15% with a residual at 20 years. The new bill allows the municipality to adopt a depreciation scale that starts at 90% and goes down to a residual of 20, again, still at that 20 years.” Maldonado added, “If it is adopted, we can bring back to the current grand list approximately $10,000,000 onto the motor vehicle grand list.” She also warned: “Let's not shift all of the burden onto our homeowners.”

Board of Finance members and council members asked how fleets and commercial accounts would be affected. Maldonado said the new statewide valuation system for 2024 (the 85% depreciation scale) “keeps everything at a same level playing field for everyone that owns a motor vehicle,” and that the local 5% option would not specifically shift burden onto commercial accounts; the effect depends on vehicle ages. A Board of Finance member, Mrs. Stroud, who said she would not vote on the council motion, objected to the state’s use of emergency certifications to accelerate the change and said taxpayers had limited opportunity for public comment: “I don't agree with these emergency certifications. I don't agree that they don't go through a subcommittee and that they don't allow the process of public hearing because, you know, people might've had something to say about this.”

The council then took a motion to adopt the modified depreciation schedule as set forth in the assessor’s memo dated 02/27/2025; Councilwoman Rouette moved and a councilman seconded. The council voice-voted the motion “Aye” and the mayor declared the motion adopted. Council members and Board of Finance participants discussed that adopting the 90% starting depreciation could lessen the decline in motor‑vehicle valuation and reduce the size of the revenue shift onto real property that followed the revaluation year.

The council and assessor noted timing and administrative impacts: grand list filing deadlines, extension to February 28 for revaluation jurisdictions, and downstream effects on the board of assessment appeals and the budget process. Maldonado and council members stressed the need to finalize the assessor’s work quickly so appeals and assessment adjustments can proceed.