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New legislation adopted by the State of Connecticut General Assembly requires municipal assessors to value vehicles using the manufacturer’s suggested retail price (MSRP) and a depreciation schedule, rather than using sources such as National Automobile Dealers Association (NADA) values or the J.D. Power pricing guide, as historically done. MSRP values are provided to cities and towns by the State of Connecticut Department of Motor Vehicles.

Under this new methodology, a new vehicle is appraised at 90% of MSRP, and then depreciates down in 5% increments until a floor of 20% of original MSRP, or an assessment of not less than $500, is reached.