National Automobile Dealers Association (NADA) pricing guides are used for almost all vehicles, boats, and airplane valuing.
For most vehicles, the tax is based on the clean trade-in value as listed in the NADA Used Car Guide published in January of the current year.
New model year vehicles are initially assessed based on a percentage of the MSRP before options.
Business equipment, including machinery and tools, is valued at a percentage of the owner's original, capitalized, and installed costs.
Mobile homes are valued by size and style during each real estate reassessment year.
Values of mobile homes do not change during that period of time.
For mobile homes that are destroyed, improved on, or moved, an adjustment may be made by the Commissioner of the Revenue.
Personal property that is in less than average condition or has experienced particular damage, such as body damage, rusting, high mileage, or other conditional factors, should be reported to the Commissioner of the Revenue's Office for consideration of a value adjustment.
Relevant documentation is required to prove the below average condition of the vehicle:
e.g., an itemized estimate detailing the extent of damage and the cost to repair the vehicle.
Appeals of any personal property tax assessment, private or business, will be given fair consideration. See Appeal of Assessment section for more information.