Proposed Motor Vehicle Tax Cut's Impact

The Budget Proposal of Governor Dannel Malloy includes a provision to cut 90 percent of personal property taxes that residents pay on motor vehicles they own. This provision, if adopted, would mean a loss of $1.1 million in motor vehicle personal property tax revenue to the Town of Old Saybrook. This calculation by Assessor Norm Wood is based on a loss of $80 million of motor vehicle value off of the town's Grand List of Taxable Property and a mill rate of 14.62 mills per thousand dollars of assessed property.

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