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How is My Car Valued?

Posted on
June 30, 2022
by
Town Hall
On or before the first day of October each year, the Secretary of the Office of Policy and Management (OPM), in cooperation with the Connecticut Association of Assessing Officers (CAAO), recommends a schedule of motor vehicle values (i.e., specific pricing guides prepared by nationally recognized firms) pursuant to §12-71d. The recommended schedule of motor vehicle values is used by assessors in each municipality in determining the assessed value of the motor vehicles that are covered by the schedule. The value of each motor vehicle as listed represents its clean retail price as of October 1st. The assessment is based on 70% of the clean retail price. 

The value of your vehicle is based on October 1st of each Grand List year.  The tax bill you have just received is based on the value as of October 1, 2021.
Many used vehicles have increased in value during the past year due to lack of inventory and shortage of new vehicles.  Attached is a compilation of articles detailing these increases. 
Motor-vehicle-value-articles-Late-2021.pdf
The schedule of values that OPM generally recommends is the one that the National Automobile Dealers Association (NADA) issues. NADA’s (now JD Power) Used Car and Older Used Car Guides do not list the average retail prices of vehicles. Instead, they list “clean retail value.” These terms are synonymous – NADA’s clean retail value has the same meaning as the term average retail price or average retail value.
 
If you do not agree with the value placed on your vehicle you may appeal your assessment during the Board of Assessment Appeal's September meeting.