AN ACT CONCERNING MOTOR VEHICLE ASSESSMENTS FOR PROPERTY TAXATION, INNOVATION BANKS, THE INTEREST ON CERTAIN TAX UNDERPAYMENTS, THE ASSESSMENT ON INSURERS, SCHOOL BUILDING PROJECTS, THE SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY CHARTER AND CERTAIN STATE HISTORIC PRESERVATION OFFICER PROCEDURES.

This bill updates how Connecticut assesses property taxes on motor vehicles and establishes stricter penalties for unpaid taxes. It requires tax collectors to notify the Department of Motor Vehicles when vehicle taxes are delinquent, which will prevent the DMV from issuing new registrations or renewing existing ones until the debt is cleared. Additionally, the legislation creates a standardized schedule for valuing vehicles based on depreciation and clarifies how electronic equipment and leased items are classified for tax purposes. These changes aim to streamline the assessment process and ensure that owners pay their local property taxes before they can legally register or renew their vehicles.