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Old 01-12-2008, 11:23 PM
 
52 posts, read 146,123 times
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Quote:
Originally Posted by Cornerguy1 View Post
Then, for each and every year you register the vehicle in Maine, you get nailed with another state tax based on the depreciated value of the vehicle?

Carumba!
As others have stated, but I will make explicit, it is not based on the depreciated value of the car but rather is based on the MSRP when new. The rate decreases ever year for five years then levels out at a fixed rate (lowest is $4 per $1000 of original MSRP.

Here are the rates they use:
New -- $24.00 per $1000 of value
1 yr -- $17.50 per $1000 of value
2 yrs -- $13.50 per $1000 of value
3 years -- $10.00 per $1000 of value
4 years -- $6.50 per $1000 of value
5 years & Older -- $4.00 per $1000 of value
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Old 01-12-2008, 11:39 PM
 
4,285 posts, read 14,145,643 times
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Thanks for the clarification. Several other posters had mentioned Blue Book value as the basis.
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Old 01-13-2008, 04:18 AM
 
Location: Southwestern Ohio
4,112 posts, read 5,727,955 times
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Quote:
Originally Posted by Zymer View Post
Yeah, the excise tax is seperate from other taxes. It's paid on a yearly basis. Doesn't matter where you bought the vehicle.
Grr when we come up, we were planning on sdelling both our vehicles and just driving the moving truck up. We were hoping to avoid the excise tax and neither of our vehicles are4 wheel drive so it seemed like a good plan.
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Old 01-13-2008, 04:34 AM
 
Location: Currently on my computer..
346 posts, read 658,563 times
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Default Excise Tax

I'll pay your tax, you pay my New Jersey car insurance bill ( $3,000.xx )
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Old 01-13-2008, 04:47 AM
 
Location: Southwestern Ohio
4,112 posts, read 5,727,955 times
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Quote:
Originally Posted by ClownShoes View Post
I'll pay your tax, you pay my New Jersey car insurance bill ( $3,000.xx )
Holy cow! That's ridiculous. I pay under $500 for full coverage down here, Dh is under $400 and even our 19 yr. old daughter is under $1100.

Last edited by dramamama6685; 01-13-2008 at 05:41 AM..
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Old 01-13-2008, 05:16 AM
 
Location: West Michigan
12,084 posts, read 33,154,060 times
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Drama, don't pass out then when you get your Maine insurance bill then. Midwest is generally cheaper for insurance than we are here. So in general, compared to either Ohio or Michigan (my home state) a vehicle is going to cost more to own in Maine than back there when you couple the excise tax, increased insurance, and required inspections.
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Old 01-13-2008, 05:42 AM
 
Location: Southwestern Ohio
4,112 posts, read 5,727,955 times
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Quote:
Originally Posted by Bydand View Post
Drama, don't pass out then when you get your Maine insurance bill then. Midwest is generally cheaper for insurance than we are here. So in general, compared to either Ohio or Michigan (my home state) a vehicle is going to cost more to own in Maine than back there when you couple the excise tax, increased insurance, and required inspections.
OK I'll try not to passout. Between me and you, it's worth it as long as I can be home!
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Old 01-13-2008, 08:15 AM
 
Location: Forests of Maine
29,738 posts, read 47,517,527 times
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Quote:
Originally Posted by Cornerguy1 View Post
Thanks for the clarification. Several other posters had mentioned Blue Book value as the basis.
That is because the MAINE.GOV website lists: the Nada guide, the Red-Book, and the blue-book all as sources of the MSRP.

Maine Revenue Services: Property Tax -

Quote:
HOW MUCH IS THE EXCISE TAX?
The amount of tax is determined by two things:
The age of the vehicle
MSRP (manufactured suggested retail price)

HOW IS THE EXCISE TAX CALCULATED?
Excise Tax is calculated by multiplying the MSRP by the mil rate as shown below. The rates drop back on January 1 st of each year.

YEAR 1 .0240 mil rate
YEAR 2 .0175 mil rate
YEAR 3 .0135 mil rate
YEAR 4 .0100 mil rate
YEAR 5 .0065 mil rate
YEAR 6 .0040 mil rate

For example, a 3 year old car with an MSRP of $19,500 would pay $263.25.

WHERE DOES THE EXCISE TAX GO?
The town that collects the excise tax can use it as revenue towards the annual town budget. Typically, the revenue is spent on local road maintenance, construction and repair.

WHY IS THE TAX BASED ON MSRP?
Excise Tax was designed with equity in mind. In 1925, this tax was enacted as a Maine Law. At that time, the Legislature decided that the fairest tax assessment would be based on what the manufacturer suggests it sell for.
This law remained in effect for over 75 years to ensure that everyone who drives the same vehicle pay the same amount of tax.

WHERE CAN A TOWN GET THE MSRP?
There are several resources for the MSRP that will provide the information on the retail price of a vehicle. New vehicles are required to have a window sticker that must be must be presented on first time registrations.

For used cars, one can use the NADA Guide , the New Car Cost Guide , the Automobile Red Book and the Automobile Blue Book .

Many towns have adopted the software based on the Red Book and can actually use the VIN number in order to get the MSRP of that vehicle.
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Old 01-13-2008, 08:17 AM
 
Location: Forests of Maine
29,738 posts, read 47,517,527 times
Reputation: 17592
Quote:
Originally Posted by Bydand View Post
Drama, don't pass out then when you get your Maine insurance bill then. Midwest is generally cheaper for insurance than we are here. So in general, compared to either Ohio or Michigan (my home state) a vehicle is going to cost more to own in Maine than back there when you couple the excise tax, increased insurance, and required inspections.
I do not see that.

Having recently moved to Maine we have not experienced any increases in automotive expenses [outside of fuel costs]. We have only seen decreases.
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Old 01-13-2008, 08:28 AM
 
Location: Maine
5,054 posts, read 10,934,793 times
Reputation: 1853
Our State Farm agent gave me a comparison quote for a Maine zip code and it's cheaper for full coverage in Maine than it is here in our case.
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