Page 728

House Bill No. 5506

Public Act No. 22-118 728 of 739

the first day of January immediately succeeding 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. (4) The property tax payable with respect to a replacement vehicle described in subdivision (2) or (3) of this subsection shall be the amount by which (A) is in excess of (B) as follows: (A) The property tax which would be payable if the replacement vehicle had been entered in the taxable list of the town in which the motor vehicle replaced is subject to property tax on the first day of October in such assessment year if such registration occurs prior to the first day of November, however, if such registration occurs on or after the first day of November but prior to the first day of October next succeeding, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined by ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, provided if such person, on said first day of October, was entitled to any exemption under section 12-81 which was allowed in the assessment of the motor vehicle replaced, such exemption shall be allowed for purposes of determining the property tax payable with respect to the replacement vehicle as provided herein; (B) the property tax payable by such person with respect to the motor vehicle replaced, provided if the replacement vehicle is registered subsequent to the thirty-first day of October but prior to the first day of October next succeeding such property tax payable with respect to the motor vehicle replaced shall, for purposes of