Re: State of Kentucky folks, tax hike on Antique Plates?
Massachusetts has (in addition to a 6.25% sales tax) an annual excise tax. The rate is set by the state, but the tax is payable to the city or town where you live. On a new car the tax is based on 90% of the original base price of the model. The second year it is based on 75%. The third 50%, the fourth, 25%, and the fifth and forever after 10%. It doesn't matter whether the vehicle is registered as an antique or not. This can work out OK though. If you are driving a $1.5 million 1928 Duesenberg SJ dual-cowl phaeton, the book value would be around $1,200 (10% of the original price). The excise tax would be $30.
Originally Posted by Jim Weise
Jim, The excise tax on your $50K GS here would be about $12.50. (I am guessing it cost $5,000 or less new).
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