How are Motor Vehicles Valued?
The value of a motor vehicle for excise purposes is determined by the Commissioner of Revenue at varying percentages of the manufacturer’s list price in the year of manufacture as follows:
- 50% in the year preceding the designated year of manufacture
- 90% in the year of manufacture
- 60% in the second year
- 40% in the third year
- 25% in the fourth year
- 10% in the fifth and succeeding year
Condition and market value are not considerations in determining the value, nor is age after the fifth year.