AN ACT CONCERNING PROPERTY TAX EXEMPTIONS FOR MOTOR VEHICLES.

SB 700 allows municipalities to exempt motor vehicles from property tax if their local government votes to do so. To compensate for lost tax revenue, the bill permits municipalities to raise real estate tax rates for up to five years. This directly affects vehicle owners (who pay no property tax on their vehicles) and real estate property owners (who may face higher taxes). The policy change requires a formal vote by the municipality's legislative body and limits the exemption period to five years.