Indiana § 6-6-5-3 - Valuation of vehicles

§ 6-6-5-3. Valuation of vehicles

Sec. 3. (a) This section applies to vehicles that:

(1) are registered as:

(A) passenger motor vehicles;

(B) motorcycles;

(C) collector vehicles; or

(D) trucks with a declared gross weight of eleven thousand (11,000) pounds or less; and

(2) are model years 1981 and later.

(b) The bureau shall adopt rules under IC 4-22-2 to determine the value of vehicles to which this section applies as the basis for measuring the vehicle excise tax. The rules must determine the value of a vehicle as of the time it is first offered for sale as a new vehicle in Indiana.

(c) For each vehicle, beginning with the 1990 model year, the bureau shall reduce the value determined under subsection (b) by dividing:

(1) the price determined under subsection (b); by

(2) one (1) plus the average percentage increase in new automobile prices using the most recent annual reference to the Consumer Price Index for Private New Automobiles as published by the Bureau of Labor Statistics, United States Department of Labor.

(d) The bureau shall classify each vehicle based on the value determined under subsection (c) according to the following schedule:

Class

less than $ 1,500

Class

at least $ 1,500

but less than $ 2,250

Class

III

at least $ 2,250

but less than $ 3,000

Class

at least $ 3,000

but less than $ 4,000

Class

at least $ 4,000

but less than $ 5,500

Class

at least $ 5,500

but less than $ 7,000

Class

VII

at least $ 7,000

but less than $ 8,500

Class

VIII

at least $ 8,500

but less than $10,000

Class

at least $10,000

but less than $12,500

Class

at least $12,500

but less than $15,000

Class

at least $15,000

but less than $18,000

Class

XII

at least $18,000

but less than $22,000

Class

XIII

at least $22,000

but less than $25,000

Class

XIV

at least $25,000

but less than $30,000

Class

at least $30,000

but less than $35,000

Class

XVI

at least $35,000

but less than $42,500

Class

XVII

$42,500

and over

(e) The age of a vehicle is determined by subtracting the model year from the current calendar year.

(f) The tax schedule is as follows:

Age

III

$12

$36

$50

$50

$66

and thereafter

Age

VII

VIII

$84

$103

$123

$150

$172

110

134

149

115

130

112

and thereafter

Age

XII

XIII

XIV

$207

$250

$300

$350

$406

179

217

260

304

353

156

189

225

265

307

135

163

184

228

257

115

139

150

195

210

114

121

160

169

132

134

and thereafter

Age

XVI

XVII

$469

$532

407

461

355

398

306

347

261

296

214

242

177

192

129

129

and thereafter.

Formerly: Acts 1969, c.423, s.3; Acts 1971, P.L.73, SEC.2. As amended by P.L.24-1986, SEC.31; P.L.335-1989(ss), SEC.8; P.L.90-2002, SEC.304; P.L.256-2017, SEC.23; P.L.147-2018, SEC.2.