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Council debates House Bill 7067 motor-vehicle valuation changes; assessor warns of tight timeline
Summary
The Torrington City Council discussed emergency legislation (House Bill 7067) that changes how motor vehicles are valued for property tax purposes and could partially restore millions in taxable value to the city's grand list.
The Torrington City Council spent more than an hour discussing House Bill 7067, emergency legislation the General Assembly moved this week that affects how motor vehicles are valued for local property tax purposes and corrects veteran-exemption language.
Assessor Stacy Maldonado told the council the bill allows municipalities to adopt a modified depreciation schedule for motor vehicles. Under the valuation method that produced Torrington's 2024 grand list, a shift from market-based values to MSRP plus a depreciation scale reduced Torrington's motor-vehicle grand list by $40,331,228. Maldonado said adopting the newly permitted 90% starting depreciation and 20% residual at 20 years could restore about…
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