In each state, collector vehicles need to meet a rigorous set of standards in order to achieve the benefits of this designation offers – such as an exemption from vehicle inspection, distinctive plates and waived registration fees. For example, in most states, vehicles must be registered in state, more than 25 years old (on average) and meet certain parts requirements.
Despite the care and love – and not to mention cost – that goes into keeping and protecting automobiles of this nature, Connecticut recently introduced a bill to its legislature that would limit the access car owners have to antique, special interest and rare motor vehicle registration while raising the maximum assessment of these vehicles for property tax purposes.
House Bill 5405, the proposed law's formal name, would increase the age at which cars could be eligible for registration in Connecticut from 20 years to 30 years, meaning those who are on the cusp of achieving this designation would need to wait another decade to achieve collector status.
According to the Special Equipment Market Association (SEMA), the law would require vehicles that no longer qualify to have their special plates replaced, remove provisions that allow for the grandfathering of an existing antique and narrow property tax benefits for these vehicles by assessing them at a higher rate.
For instance, reports say the bill would raise the maximum assessment of these vehicles to $2,000, which is up from the $500 owners are currently allowed.
In response, the SEMA has requested that members immediately contact their lawmakers in the state to voice their opposition to the bill. And while the law only affects Connecticut, it is important for readers in other states to note that, with dwindling state budgets, a successful passage in the Constitution State could lead to similar laws being passed in other parts of the country.
What do you think of the proposed law, would it affect your willingness to buy or register your antique?
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