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Old 07-31-2009, 01:07 PM
 
835 posts, read 2,592,314 times
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Can anyone explain to me how they determine the value of a vehicle? The tax on our 2 vehicles, 2002 Sienna and 2007 Kia Spectra is almost as much as the tax on our $365K home. Thanks!
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Old 07-31-2009, 01:26 PM
 
Location: Cary, NC
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That doesn't make much sense. Property is subject to the same tax rates, whether it be a home or a car.

For example, the base tax rate in Wake County is 0.534%. If you live in a city or town, you will have an additional tax of 0.33%-0.54% depending on your location.

Vehicles may be subject to an additional $5-$25 "decal fee" in certain cities and towns in addition to standard county and municipal property taxes, but that certainly doesn't add up to the property tax on a house.

Taxes are applied to assessed home values (which are adjusted only periodically...every 8 years in Wake) and vehicle "retail values" (determined annually on January 1st).

So say your house is assessed at $350 K and you live in a municipality with a total 1% tax rate (a bit high for most Wake County locations but certainly some other Triangle locations are even well above that). You'd owe $3500 property tax on a house.

"Retail value" for both of your cars should be under $10K each I would imagine. That would make your total vehicle tax in a 1% area $200, plus maybe another $50 in decal fees at most.
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Old 07-31-2009, 01:26 PM
 
1,504 posts, read 1,627,717 times
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Quote:
Originally Posted by dinalkulp View Post
Can anyone explain to me how they determine the value of a vehicle? The tax on our 2 vehicles, 2002 Sienna and 2007 Kia Spectra is almost as much as the tax on our $365K home. Thanks!
They are notorious for over-valuing vehicles. You can work with them to make sure your values are correct. For instance, my vehicle came in $10,000 higher than I paid for it so I showed them the contract and they reduced the amount.

We hired a lady from the DMV to work for us and she said they always guess high when doing that. They'd rather have people call and correct it then not charging enough.
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Old 07-31-2009, 01:33 PM
 
Location: Virginia (again)
2,697 posts, read 7,792,528 times
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The first year we lived in Wake County this happened to us because our property tax was only based on the value of the land (we moved in July and nothing had been built as of 1/1 so we were only taxed on the value of the land for six months which was about $200). The next year our property tax was $4,500 and our personal property tax was probably $400-$500.

Wake uses NADA resale values I believe and they are very high. Last year our six year old Pilot was valued by the county at $19k. We sold it for $9 or $10k.
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Old 07-31-2009, 01:53 PM
 
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I called when I got my tax bill and asked the lady if she would buy my car for what they valued it at ($4k). She laughed. I said I didn't think it was funny. Also they valued my car for $1k more than when I registered it. She didn't have an answer - IIRC she said something like "we don't have anything to do with that".

This is why you don't give the Government money. They are completely inept. We paid around $60 in tax on a $4k vehicle so it must be higher than 1%. We live in Raleigh.
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Old 07-31-2009, 02:01 PM
 
Location: Cary, NC
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Quote:
Originally Posted by wheelsup View Post
We paid around $60 in tax on a $4k vehicle so it must be higher than 1%. We live in Raleigh.
Raleigh has a $25 decal fee in addition to the base tax rate, which should be .9075% according to this PDF chart (.534% for Wake and another .3735% for Raleigh).

$4000*.009075=$36.30. Add in the $25 decal fee and you're at $61.30.
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Old 07-31-2009, 02:08 PM
 
11,939 posts, read 21,561,595 times
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That's it. Wow $25 for a decal. That's awesome. That's not a fee. Fee's are used to cover costs (ie waste disposal fee) not make money. What a crock. Thanks for the info, I googled it but couldn't find it.
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Old 07-31-2009, 02:21 PM
 
Location: Charlotte, NC
621 posts, read 1,974,110 times
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This is why I hate NC... After reading what everyone has posted, I went to check the property tax info on Wakegov. They have one of my vehicles listed at $3500 more than what we paid for it in the same year. I hate being a newbie.
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Old 07-31-2009, 02:32 PM
 
Location: Oxxford Hunt, Cary NC
4,210 posts, read 10,106,075 times
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Quote:
Originally Posted by dinalkulp View Post
Can anyone explain to me how they determine the value of a vehicle? The tax on our 2 vehicles, 2002 Sienna and 2007 Kia Spectra is almost as much as the tax on our $365K home. Thanks!
That doesn't sound right at all. The tax on my 2003 Mazda MPV was about $90 this year, and on my $215K house - $1800.
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Old 07-31-2009, 08:18 PM
 
29 posts, read 59,691 times
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Y'all pay tax on vehicles? I'm moving to Raleigh from out of state and I'm TOTALLY confussed. I had to pay sales tax when I bought the car. You have to pay tax to keep owning the car?? What does the tax pay for? I also heard about a toll road going in? So you get to pay for the road and the car to drive on the road?

What else do you have to pay taxes on? Property tax (on land and homes) in WI makes since, it pays for local roads, trash pick up, schools, street cleaning and other municipal services.
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