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.

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