Page 727

House Bill No. 5506

Public Act No. 22-118 727 of 739

is sold by such person within forty-five days immediately prior to or following the date on which such person acquires the replacement vehicle, such person shall be liable for the payment of property tax with respect to the replacement vehicle in the town in which the motor vehicle replaced is subject to property tax pursuant to subdivision (4) of this subsection, on the first day of July in such assessment year. If a replacement vehicle is replaced by the owner of such replacement vehicle prior to the first day of October next succeeding such assessment year, the replacement vehicle shall be subject to property tax as provided in this subdivision and such other motor vehicle replacing the replacement vehicle, or any motor vehicle replacing such other motor vehicle in such assessment year, shall be deemed to be the replacement vehicle for purposes of this subdivision. (3) For assessment years commencing on or after October 1, 2023, whenever any person who owns a motor vehicle which has been entered into the taxable list of the town where such motor vehicle is subject to property tax in any assessment year and who, on or after the first day of April of such assessment year but prior to the first day of October next succeeding, replaces such motor vehicle with another motor vehicle, hereinafter referred to as the replacement vehicle, which vehicle may be in a different classification for purposes of registration than the motor vehicle replaced, and provided one of the following conditions is applicable with respect to the motor vehicle replaced: (A) The unexpired registration of the motor vehicle replaced is transferred to the replacement vehicle, (B) the motor vehicle replaced was stolen or totally damaged and proof concerning such theft or total damage is submitted to the assessor in such town, or (C) the motor vehicle replaced is sold by such person within forty-five days immediately prior to or following the date on which such person acquires the replacement vehicle, such person shall be liable for the payment of property tax with respect to the replacement vehicle in the town in which the motor vehicle replaced is subject to property tax pursuant to subdivision (4) of this subsection, on