How are my registration/renewal fees calculated?
The notice you receive when it is time to renew your license lists information about your vehicle, the Taxable Value (TX VAL), the License Fee (LIC.FEE) and the Specific Ownership Tax (OWN.TX)
Taxable Value: This is calculated using a percentage of the Manufacturer’s Suggested Retail Price (MSRP) and remains constant throughout the life of the vehicle. The taxable value of passenger cars is 85% of the MSRP; the taxable value of a truck is 75% of the MSRP.
For example, if the MSRP of your automobile is $20,000, the taxable value is $20,000 x 85% = $17,000.
Specific Ownership Tax: Using the taxable value of the vehicle, the Specific Ownership Tax is calculated using the following table:
|
1st year of service |
2.1% of taxable value |
|
2nd year of service |
1.5% of taxable value |
|
3rd year of service |
1.2% of taxable value |
|
4th year of service |
.9% of taxable value |
|
5th, 6th ,7th, 8th & 9th |
.45% of taxable value |
|
10 and all later years |
$3.00 |
License fee: This fee is based on the weight of the vehicle (license fee may vary).
