06/26/2025
NOTICE REGARDING CHANGES TO MOTOR VEHICLE VALUATION
Due to recent legislation, a few changes to the motor vehicle valuation process take effect with the October 1, 2024, assessment year and thereafter.
These bills are being mailed today, June 26, 2025, and are due on July 1, 2025. They are payable by August 1, 2025, to avoid penalties. To avoid these penalties, taxpayers must make payments in the tax collector’s office by 8/1/25 or they must be in their drop box at City Hall by 12:30 PM on 8/1/25. Payments can also be made using their online payment system before midnight on 8/1/25, or they can be mailed and stamped with a U.S. postmark (no meter marks) by 8/1/25 as well. THE TAX OFFICE DOES NOT TAKE PHONE PAYMENTS. All delinquent bills will accrue interest at 1.5% per month from the due date (7/1/25). Late MV/MVS bills are also reported to the DMV and will incur a $5 fee.
Vehicle Valuation: In the past, vehicles were valued based on the NADA/JD Power pricing guides of each October 1st. Beginning with the October 1, 2024, assessment year, vehicles will instead be valued by multiplying the vehicle’s original MSRP by a fixed depreciation factor based on the vehicle’s age. The depreciation schedule starts at 90% for vehicles up to one year old and decreases by 5% each year, ending at 20% for vehicles fifteen years old and beyond. Additionally, for vehicles twenty years and older, a vehicle’s assessment (not value) may not be less than $500.
Although the method for determining a vehicle’s value has changed, the percentage of a vehicle’s value that is taxable (known as the vehicle’s assessment) remains unchanged at 70%.
The vehicle’s assessment is multiplied by the City’s motor vehicle mill rate (32.46 mills) to determine the vehicle’s taxes for the year. (Value x 70% = Assessment. Assessment x Mill Rate = Taxes)
Vehicles will no longer be taxed at market value but rather the new required MSRP, depreciation scale method.
Tax Billing Periods: There are two different tax billing periods for motor vehicles for each tax year – July and the following January. Beginning with the October 1, 2024, assessment year, the July tax bill will include vehicles registered between October 1st through March 31st. That means there will be less of a lag between when a vehicle is first registered during that period and when the first tax bill is issued. The January tax bill will include vehicles registered from April 1st through September 30th. These changes take effect for the July 2025 and January 2026 tax bills and thereafter.
Please see the website for further information.
https://www.torringtonct.org/assessors-office/pages/motor-vehicle-information You can also contact the Tax Assessor’s office at (860) 489-2222 during office hours. (Mon-Wed 8:30-4; Thurs 8:30-6:30; Fri 8:30-12:30)
NOTICE REGARDING CHANGES TO MOTOR VEHICLE VALUATIONDue to recent legislation, a few changes to motor vehicle valuation process will take effect with the October 1, 2024 assessment year and thereafter.Vehicle Valuation: In the past, vehicles were valued based on the NADA/JD Power pricing guides