How is Excise Taxes Calculated?
The value of a motor vehicle for excise tax purposes is determine by the Commissioner of Revenue at varying percentages of the manufacturer’s LIST Price in the year of manufacturer as follows:
Year | Percent |
---|---|
In the year preceding the designated year of manufacture | 50% |
In the year of manufacture | 90% |
In the second year | 60% |
In the third year | 40% |
In the fourth year | 25% |
In the fifth and succeeding years | 10% |
Note: Conditions and market value are not considered in determining neither the value nor the age after the fifth year.