Lets be honest...Do you guys REALLY put on a bill of sale what you actually paid for a bike? That way when you go to the DMV you literally get raped in sales tax by the sorry ass Government? My answer...NOOOOO LOL.
Literally? Up the ass or in the ear? I usually don't put the sales amount but I usually also have the buyer or the seller on board with that same price so our stories match. I heard they "can" pull up the blue book value and go by that though so who knows. Government, they can do what they want.
Why the EFF does it get taxed at every change of ownership? It ridiculous and one of the only items that gets that kind of treatment.
I think you should put the amount you paid for the bike on the BOS. Doing otherwise is called tax evasion. Side note: this thread is a time bomb.
I think that Georgia now goes by bluebook value. Really hurts the lower income folks. That's gubment for you. Now thread is more toastable
I think 8 yrs or older in md, everything is valued at 640.oo. dosnt matter what you paid. Hows that for bs?
Its hit or miss for me. I like not getting hit yearly for it, but I dont like rolling 3k in taxes in to a loan either. I just want to pay it and be done.
Kentucky too. But, if you get a notarized affidavit showing any price, they have to accept that price. Example: I sold a complete Alfa Romeo to a guy for $700 because the engine was blown. KBB listed it a $4,000. He only paid tax on $700 because I had it notarized.
If you only get taxed at change of ownership, consider your self lucky. You could live in a state like Virginia where you pay personal property tax on all of your motor vehicles every year. Per the law that is everything: trailers, jet skis, motorcycles, RVs, airplanes, cars, boats, ATVs, trucks, etc. The motorcycle requirement includes both on and off road. Enforcement of the ATV / dirt / track / race bike part gets a bit tough for law enforcement if you always keep it in a garage or trailer except when riding it off public highways.
Titled the streetfighter today. The seller wrote the correct sale amount on the title, so it cost me almost $500 for tax and registration. What a kick in the nuts.
In NY, depends on the DMV office. When I've bought bikes, I always listed sale price significantly lower than actual. I go to the DMV office in Fulton. They didn't bat an eye when I told them I bought my 999 for $2500. But they're all mostly older estros and wouldn't know the difference. Now the main Syracuse branch, I legit bought a 4yr old Zuma for $600 in great shape. The guy at the counter was a rider and seriously looked at me with one eyebrow raised.
Yes, in TN and Maine if the price is ridiculously low they will look up the value for sales tax. Maine also has excise tax on every dam thing with a motor!