Ah... yes, that is what I did the second time... forgot about that... 8)
DD
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Ah... yes, that is what I did the second time... forgot about that... 8)
DD
It's not even a Kelly Blue Book or Edmunds value; I think they call it Black Book. If it's not going to be on the road and you have the signed title, just roll with it. FWIW I'm in the same boat on the 94 Camaro I bought, they wanted the 6.25% sales tax on a book of $3200 or so. I showed them a $500 receipt and it all fell on deaf ears.
The state certified appraisal will be about $250-$325 bucks based on my research. You could send a public information request to DOT asking for the Black Book on a car in your condition. PITA to do but makes the state defend the position. Maybe we should take up a collection and get a fellow racer certified; kinda like having our own notary?
While you're at it, email your state senator with the story and pictures of the car. It's bad enough having to sales tax on a used car again and again but to be taxed at an arbitrary level on an arms length transaction is crap.
Good luck.
Where does this "Black Book" price come from? How is the state determining a cars value?
Black book I believe is what dealers or auctions use to price cars. It is generally lower than Blue Book.
The state did this knowing that some people who paid less will end up paying more in tax when they title it but think it will be better for them in the longrun. It appears that they are tired of people paying 10k for a car and going in to title it and claiming they only paid 2,500. I don't know anyone that would do that.
Anyway they just wanted it to become more standardized I guess. Although I can tell you it can work out in your favor as well. My dad titled a vehicle and they priced it about 13k less than what he paid for it.
So go title that rustang to make up for what my dad didn't have to pay.
That and the opposite - donating non-running vehicles to charity and claiming the good condition value for tax purposes. The IRS fixed that so that you can only deduct what the vehicle actually brings when sold.Quote:
Originally Posted by BryanL
The biggest issue of the "book" pricing is it doesn't take the actual vehicle condition into account. So when you or I buy a non-running car for "fair market value," i.e., nobody else wants it and the seller just wants some money, you have to get it appraised. It would've cost me more for the appraisal than to pay the sales tax! Nothing lost for a race car, I just didn't switch the title.
If you sell a car in Texas, there is a form you can send to the state with $5 or so saying that you sold the car and want the title out of your name even if it's not registered by the buyer.
Just more proof of government in action...
appraisals are set at a minimum of $100 and a max of $350. Any licensed auto dealer, trailer dealer, motorcycle dealer and insurance adjuster can appraise the car. The problem is that most I have spoken to are going to set the ACTUAL value very similar to what the state has done.....primarily because they don't want the state coming back to them and harrassing them for giving a bogus low appraisal which could cost them their license...
At this point, I think he is just going to pay the friggin' tax because it's just too much hassle...and the state probably counts on that. :evil:
You pay insurance, right?
Why don't you just call your agent and see if they'll send out an adjuster. Some companies will be happy to oblige to keep good customers.
Quote:
Dealer fees for appraisals are set by law
and Comptroller rule. For most vehicles,
a dealer can charge from $100 to no
more than $300 for a certified appraisal.
A dealer’s certified appraisal of a motorcycle
can cost from $40 to $300, and a
dealer appraisal of a house trailer, travel
trailer or a motor home can cost from
$100 to $500.
The law allows licensed insurance adjusters
to determine the fees they charge.
That's a double edged sword. Appraise too low and you limit yourself to a future claim....appraise too high and you pay higher rates...Quote:
Originally Posted by y5e06