My colleague Ashlea Ebeling just wrote about the most expensive vehicles subject to personal property tax in Greenwich, Conn. Topping the list is a 2003 Ferrari Enzo owned by none other than Tommy Hilfiger.
Hilfiger's coupe was assessed at $633,360--roughly 70% of its estimated fair market value--and costs $6,300 annually in taxes. (William S. Pepe owns one, too.)
The native New Yorker known for his American-classic aesthetic also owns a 2010 Bentley Continental sedan assessed at $126,280, which requires roughly $1,260 in taxes each year (click here for a list of the 101 most expensive cars in Greenwich).
That Hilfiger tops this list is interesting in light of the fact that arch rival Ralph Lauren is an avid car enthusiast as well. Lauren recently threw a show at the Louvre showing off the splendors of his collection (think Bentley Blower, Mercedes-Benz SSK). His 1938 Bugatti Atlantic won the prestigious Pebble Beach Concours d'Elegance in 2003. Photos of the tuxedoed designer flanked by some of the world's most iconic cars comprise a significant part of his image.
Lauren, who is worth $6.1 billion, lives primarily in New York City, so he didn't appear on this list. If he did, he'd do well--vintage cars in Connecticut get a pass on the motor vehicle personal property tax. Anything 20 years or older automatically gets an "antique" distinction with the Department of Motor Vehicles and an assessment reduction to $500. (Recent legislative efforts to raise the amount to $2,500 have failed.)
That means even a vintage Ferrari worth $1 million appears on paperwork like it's worth $500 bucks--and requires taxes of just $5 a year. Call it a sweet deal for a sweet ride.
Follow me on Twitter: @HannahElliott
Follow me on Facebook: Hannah Elliott