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Motor Vehicle Values for the 2021 Grand List

Motor Vehicle Values for the 2021 Grand List

Motor vehicle assessments for most newer models (model year of early 2000s) increased from 2020 to 2021.  Statewide, based on a survey of 129 town assessors, the average increase in motor vehicle lists for 10/1/2021 was 26.4%. In Ashford, the motor vehicle portion of the Grand List increased 26.8%.  For vehicles on the 2020 and 2021 MV lists with a model year of 2002 or newer, the average increase was 16.50%.

By class, the average increases for vehicles with a model year of 2002 or newer that was on both the 2020 and 2021 Grand Lists was:

Passenger vehicles (Class 01) 13.10%
Commercial vehicles (Class 02) 17.30%
Combination vehicles (Class 03) 12.40%
Motorcycles (Class 12) 21.40%
Recreational vehicles (Class 11 + 31) 60.22%

 

The increases affected passenger vehicles, commercial vehicles and recreational trailers/campers and motor homes.  The reason is basic economics of supply and demand.  Some of the factors affecting supply were:

      • shipping delays related to Covid-19 and congestion at ports of entry
      • shortage of computer chips that go into vehicles
      • the reduced supply of vehicles sold into the wholesale market by rental car companies

Some of the factors affecting demand were:

  • the safety of one’s own portable vacation home during a time of Covid
  • hesitancy to use public transportation
  • the limited supply of new vehicles pushed up values of exiting vehicles

A collection of articles appearing in the media provide greater insight on the price increase.  These articles can be accessed here and here.

Impact on Motor Vehicle Taxes:  CT State Statutes allow a municipality to set one mill rate for motor vehicles and another for real estate and personal property.  Given the increase in the value of real estate in Ashford from revaluation for the 2021 Grand List, it is not possible to forecast the mill rate for the July tax bills.  Using the mill rate from the last fiscal year is not an accurate way to estimate what your taxes will be.  Most policy makers and elected officials own vehicles and are sensitive to what is affordable.

In the works, Governor Lamont has introduced legislation to limit the mill rate statewide for motor vehicles to be 29.00. The legislation also changes the statutory pricing method from the Clean Retail Value to a declining percentage of the MSRP as new.

 

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