Presumptive value question.

[SSMAN]

I have never really bought a car from and individual before. Always dealers, at least since this presumptive shit has been in place.

If I pay $10,700.00 for a car, but the presumptive value is $14,050.00, so it is the $14k that I am paying taxes on? Correct?

[Cooter]

Yes, but they have a wide range on presumptive value. You might be surprised

[SSMAN]

Also, what is the tax rate for vehicles? Straight 6.25% or do you have to add in the city taxes too?

[SSMAN]

Yes, but they have a wide range on presumptive value. You might be surprised

Not sure what you mean by they have a wide range? I put in the vin and that is what came up. Are you saying it could differ?

[Cooter]

Yes, depending on what you actually paid, it could value lower

[kobuzz]

I have had good luck with a bill of sale with both parties info(address phone number etc) Every time I have done this I have paid what was stated on the bill of sale vs. what they thought the value was.

[SSMAN]

I have had good luck with a bill of sale with both parties info(address phone number etc) Every time I have done this I have paid what was stated on the bill of sale vs. what they thought the value was.

Now I know that is what I did in the past. But now they got this web site that they use to determine the tax on it, regardless what you paid for it.. At least that is what I was told...........

http://txdmv.gov/spv-calculator

[JC316]

Now I know that is what I did in the past. But now they got this web site that they use to determine the tax on it, regardless what you paid for it.. At least that is what I was told...........

http://txdmv.gov/spv-calculator

That is correct, unless you get a dealer to appraise the car. 6.25% is what you pay.

[SSMAN]

That is correct, unless you get a dealer to appraise the car. 6.25% is what you pay.

That is in line with what I have been hearing.

[JC316]

That is in line with what I have been hearing.

Yeah and dealers are usually going to charge $100 to do an appraisal.

[Cooter]

That states the value on my f250 as $8500

A few months ago I paid tax on $6600. No appraisal necessary

You can't touch this truck for below $20k. You might be surprised.

[kobuzz]

I bought my daughter an 04 sebring and paid taxes on the 1000 I paid compared to the 3600 tax value.

[SSMAN]

May be buying my son a car, I will let you guys know how the tax it.

[Lone Star Performance]

You pay 80% of the presumptive value OR the bill of sale amount whichever is higher. Then 6.25% of that. So $14,050 x .80 = $11,240 x 6.25% = $702.50 in taxes. Plus the $64.25 for registration, plus $35.50 for title transfer fee with change of ownership.

[SSMAN]

You pay 80% of the presumptive value OR the bill of sale amount whichever is higher. Then 6.25% of that. So $14,050 x .80 = $11,240 x 6.25% = $702.50 in taxes. Plus the $64.25 for registration, plus $35.50 for title transfer fee with change of ownership.

This is real close. Paid $10.700.00, financed $11,438.00. That is right in the ball park of what you have.