Ok, So what is it really worth ?
Thread Starter
Intermediate
Joined: Jun 2013
Posts: 31
Likes: 0
From: Clayton NC
Ok, So what is it really worth ?
Well I got a bill from my local county tax office that stated my recently purchased 72 vette is worth $36.900 and I owe $360.00 in tax. OK it is a very nice car with a 3 year old beautiful paint job with 97k miles showing "thought to be original " miles. When I bought the car, me and a local well known corvette mechanic checked the car out. It has a solid frame no rust to speak of with all #s matching from block to rear end. All stock except the 69 side pipes.
350/200hp
auto trans
a/c
everything works on this car and drives great But I did not pay $36 k
for this car. should I get it appraised to get the tax value adjusted ?
350/200hp
auto trans
a/c
everything works on this car and drives great But I did not pay $36 k
for this car. should I get it appraised to get the tax value adjusted ?
Instructor
Joined: Sep 2011
Posts: 136
Likes: 0
From: Lake Forest CA
Well I got a bill from my local county tax office that stated my recently purchased 72 vette is worth $36.900 and I owe $360.00 in tax. OK it is a very nice car with a 3 year old beautiful paint job with 97k miles showing "thought to be original " miles. When I bought the car, me and a local well known corvette mechanic checked the car out. It has a solid frame no rust to speak of with all #s matching from block to rear end. All stock except the 69 side pipes.
350/200hp
auto trans
a/c
everything works on this car and drives great But I did not pay $36 k
for this car. should I get it appraised to get the tax value adjusted ?
350/200hp
auto trans
a/c
everything works on this car and drives great But I did not pay $36 k
for this car. should I get it appraised to get the tax value adjusted ?
That should be all you need to get the tax value adjusted. Mine was questioned also and all I needed to do was provide a receipt to DMV.
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,118
From: Crossville TN
You need to find out how your local area determines value on automobiles. There should be some documentation and definition of the method by which personal property is evaluated.
If you have a vehicle tax system, most of those use the "Black Book" (average wholesale) evaluation to set taxation value. But, if your tax is a "Personal Property" tax, it would be evaluated differently. With any system of taxation, it must be defined and you should do some research (county Assessor's office?) to find out how this tax is to be levied.
With tax monies waning in many localities, bureaucrats are always looking for new ways to 'rip off' the citizenry...rather than working to reduce the cost of government. This is another case of a "wayward" bureaucrat trying to 'drum up' new money. It's dispicable, IMO. Fight it with all you have. And get your car clubs involved to help you. If you don't, the end of us "John Doe's" being able to afford a fun hobby car are doomed.
If you have a vehicle tax system, most of those use the "Black Book" (average wholesale) evaluation to set taxation value. But, if your tax is a "Personal Property" tax, it would be evaluated differently. With any system of taxation, it must be defined and you should do some research (county Assessor's office?) to find out how this tax is to be levied.
With tax monies waning in many localities, bureaucrats are always looking for new ways to 'rip off' the citizenry...rather than working to reduce the cost of government. This is another case of a "wayward" bureaucrat trying to 'drum up' new money. It's dispicable, IMO. Fight it with all you have. And get your car clubs involved to help you. If you don't, the end of us "John Doe's" being able to afford a fun hobby car are doomed.
Melting Slicks
Joined: Jan 2010
Posts: 2,416
Likes: 8
From: Charlotte (Area) North Carolina
St. Jude Donor '11-'12-'13-'14
NCM Sinkhole Donor
In NC all you have to do is get Antique plates (registered as an antique) and you will pay $0 in property tax! My 72 costs me nothing every year. 
Thread Starter
Intermediate
Joined: Jun 2013
Posts: 31
Likes: 0
From: Clayton NC
THANKS for the help.
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,118
From: Crossville TN
You can do limited driving if you have "Antique" plates on your car. If a patrolman stops you in your C3 with those plates and you are NOT using it as the BMV requires, he/she can issue you a costly citation.
Research your taxation system AND BMV requirements for 'antique' vehicles before you decide which way to go. I just think your local tax folks are overstepping their guidelines.
Research your taxation system AND BMV requirements for 'antique' vehicles before you decide which way to go. I just think your local tax folks are overstepping their guidelines.
Melting Slicks
Joined: Jan 2010
Posts: 2,416
Likes: 8
From: Charlotte (Area) North Carolina
St. Jude Donor '11-'12-'13-'14
NCM Sinkhole Donor
I have never had a problem driving with my plates. I definitely don't use it everyday but I drive to shows ,work on nice days and around town. I would call the DMV and check with them in your county. I am in Union county and I haven't paid any property tax ever. Good luck!
