How is excise tax computed?
How is excise tax computed?
Answer |
The tax is based on a 12-month calendar year, and the rate is $25.00 per one thousand dollars of the valuation on each vehicle. Vehicle valuations are set annually by the Registry of Motor Vehicles according to a formula in the excise tax law. Present market value, condition, price paid, and mileage on the vehicle do not affect the excise tax. |