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I currently have 2 cars registered in a different state and based on the other thread about the car tax, I think it's a smart thing to just sell one of 2 cars I have. However, I am not entirely sure about the estimate on the property tax in CT. I will be moving to Vernon and according to the website, the mill rate is 29.96.
I also found this equation for the estimate, which may or may not be accurate. Is this about right?
Annual Auto Property Tax=(Car Estimated Value*Mill Rate)/1000
If this is right, it's clear which car I will be keeping...
I think you have it right.
From the State of CT OPM web site:
A mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with a assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.
In general, motor vehicles are subject to taxation in the city or town where, in the normal course of their operation, they most frequently leave from and return to or remain, although state law provides some exceptions to this general rule (Chapter 203 – Sec. 12-71).
The assessment of a motor vehicle is 70% of its average retail value. Generally, assessors use average retail values that the National Automobile Dealer’s Association (NADA) compiles annually. Assessors are responsible for determining the value of any motor vehicle for which the NADA Guide does not provide an average retail value.
I'm surprised car dealers haven't lobbied against it through the years.....
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