The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Other Taxes

How much will be my excise tax for an 08 acura rdx?


How much will be my excise tax for an 08 acura rdx?

An excise at the rate of $25 per one thousand dollars of valuation (effective 1/1/81) is levied on each motor vehicle. Information on the value of a motor vehicle is accessed electronically through a data bank complete with valuation figures. Different sources provide the valuation figures depending upon whether the motor vehicle is an automobile, a truck, a motorcycle, or a trailer. For example, automobile valuations are derived from figures published in the National Automobile Dealers Association Official Used Car Guide (NADA), to which the Registry has electronic access. Most public libraries have copies of NADA and other motor vehicle official guides.

Figures are the manufacturers鈥?list prices for vehicles in their year of manufacture. Present market value, price paid, or condition are not considered for excise tax purposes. The excise tax law (M.G.L. c.60A, s.1) establishes its own formula for valuation for state tax purposes whereby only the manufacturer鈥檚 list price and the age of the motor vehicle are considered. The formula is as follows:

In the year preceding the model year
(brand new car released before model year)
50%

In the model year
90%

In the second year
60%

In the third year
40%

In the fourth year
25%

In the fifth and succeeding years
10%


Every motor vehicle owner must pay an excise tax based on valuation of at least ten percent of the manufacturer鈥檚 list price; thus, owners of vehicles older than five years should have a fixed excise tax bill for succeeding years of ownership. Even though an owner may have applied for an abatement that may reduce an excise tax bill, no excise shall be less than $5.

Tags
  Boston   Austin   Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes
Related information
  • I get 400 pension, and 1000 soc sec. Want to file my taxes to claim eco stimulus and withheld moneys....?

    If you lost the SSA-1099, just estimate the benefits and file. Use form 1040A. if you actually get SSI, different program, do not file. SSI isn't eligible.

    ...
  • What can I deduct as a business expense for taxes as an Aflac agent?

    You can deduct many, many items. Anything you buy for business purposes and supplies, auto usage, insurance licensing, etc. You can even do a home office deduction where portions of your rent/mort...

  • My pop up blocker will not allow me to print my taxes from taxact?

    try holding the control(ctrl) button down and at the same time, press the enter button too, or it could be the alt button that you press at the same time as the enter button, one of these will defi...

  • If its not a flat tax, what is it?

    Correct. A regressive tax. According to Wikipedia: A regressive tax is a tax imposed so that the effective tax rate decreases as the amount to which the rate is applied increases. The term &qu...

  • Is Business Management Consulting tax deductible?

    The textbook answer to the question, "What's deductible?" is, "Any reasonable and necessary expense incurred in the production of taxable income." Normally you'd br...

  • Progessive taxation is an example of a(n):A:discretionary stabilizer,B:atuomatic stabilizer,C:seasoD?

    b. An automatic stablizer. A progressive tax is an automatic stabilizer in the sense that if a person were to suffer a decrease in wages due to a recession then the money regained by being in a ...

  • Stimulus package? why so little money???

    You were told wrongly. It's only $900 because your tax liability was $0, therefore you only qualify for the base rebate of $600 plus $300 for the child. You only get more than the base $60...

  • How do you plan to spend your tax rebate?

    Family vacation. Making it a nice one instead of a so-so one. I've already started planning it.

    ...
  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster