Vehicle Values Rising – Tax Valuation Up
The value of your used vehicle increased an average of 36% this year according to the Missouri State Tax Commission. Livingston County Assessor Steve Ripley says that value is from the October 2021 NADA Used Car Guide To Values.
With an increase in value, it is likely you could see an increase in your personal property tax liability.
Ripley reminds us the Auditors office uses the the guide to determine the value, it is the taxing entities that set the tax rate you pay.
Ripley provided an example of a vehicle valued at $15,000. The assessed valuation is 33% of the value of $5,000, The taxes are based on each $100 of valuation ($5,000 / 100 = $50) If the tax rate is $7 per $100 of Valuation, you will pay $7 x $50 or $350.