Alert for Antique/Classic Car Owners from the CT. Council of Car Clubs

Alert for Antique/Classic Car Owners from the CT. Council of Car Clubs

PLEASE contact your state representatives and senators to oppose this potential change which will cost everyone in the hobby more money and in some cases significantly more. And please spread the word to help defeat this impending threat to our hobby. A summary is below…

Bill Introduced on 2/10/17 to Increase Maximum Property Tax Assessment from $500 to $1000 and the minimum age of an antique car from 20 to 30 years.
Governor’s Bill No. 7050, “An Act Concerning Enhancements to Municipal Finance and Accountability” has been referred to the Finance Revenue and Bonding Committee. This bill, by the reports made by CPA services in midtown NYC, contains two provisions adverse to the antique auto hobby.

One section of the attached bill proposes to increase the maximum property tax assessment on any antique, rare or special interest motor vehicle from $500 to $1000. Another section proposes raising the age requirement of an antique rare or special interest motor vehicle from 20 years old or older to 30 years old or older. This section does allow for vehicles between 20 and 30 years old that have “Classic Vehicle” or “Early American” License Plates issued before October 1, 2017 to continue to use those plates. So the owners of these vehicles will not have to go back to DMV and re-register their vehicles with regular passenger car plates. However, these vehicles will be assessed at ‘Fair Market Value’ instead of being capped. See the example in the following paragraph to understand the effect.

If these provisions are adopted, the maximum property tax assessment on an antique car greater than 30 years old will double from $500 to $1000. For a current antique, rare or special interest vehicle between 20 and 30 years old the property tax assessed value will increase from $500 to the fair market value. As an example, a 1992 Mustang GT convertible currently assessed at $500 would be assessed at approximately $5000 (the NADA Average Retail Value of the vehicle).