Does a new car manufacturer’s rebate reduce the original cost basis of a new vehicle for purposes of personal property tax assessment?
No. The local tax on tangible personal property is not a sales tax but a tax on the actual fair market value of property. If the preferred means of establishing the actual fair market value of a vehicle cannot be used (i.e., the clean loan value of the model and year of the individual vehicle are not listed in the recognized pricing guide), the taxpayer may present the Commissioner of the Revenue proof of original cost which may be used as an alternative basis of assessment. Such proof may consist of the new vehicle sales contract or purchase order which clearly shows the total purchase price upon which the motor vehicle sales and use tax was calculated. Although the balance due on delivery may be reduced by credits for trade-ins, unpaid liens or encumbrances, manufacturers’ rebates or dealer discounts, the total purchase price or original cost for purposes of the motor vehicle sales and use tax and personal property tax is not reduced by such amounts.
No. The local tax on tangible personal property is not a sales tax but a tax on the actual fair market value of property. If the preferred means of establishing the actual fair market value of a vehicle cannot be used (i.e., the clean loan value of the model and year of the individual vehicle are not listed in the recognized pricing guide), the taxpayer may present the Commissioner of the Revenue proof of original cost which may be used as an alternative basis of assessment. Such proof may consist of the new vehicle sales contract or purchase order which clearly shows the total purchase price upon which the motor vehicle sales and use tax was calculated. Although the balance due on delivery may be reduced by credits for trade-ins, unpaid liens or encumbrances, manufacturers’ rebates or dealer discounts, the total purchase price or original cost for purposes of the motor vehicle sales and use tax and personal property tax is not reduced by such amounts. Does a credit applied to a newly
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