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Discussion Starter #1
Has anyone else seen their 2012 tax bill? Mine went from $500 to $13,250 "Assessed" value. When I called the tax office and inquired why it had increased they told me because it was an antique and was appraised as such. I could appeal the rate if I filled out a form and sent in pictures, then their appraiser would come out and make a determination as to its real value. Any thoughts.
 

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VINTAGE MOTORHEAD
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Hey, Zero. You are scaring me!. I am ready to build a home in NC. I know the taxes are screwy there but I had no idea the tangible asset tax was this crazy!
 

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Discussion Starter #3
I am sure the rate increase only applies to cars the question is why after 3 years it suddenly jumps up.
 

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Appeal it!

My advice is to appeal, Zero. Go on eBay, search for El Camino similar to yours, same generation within, say 2 years. When you get the results on screen, scroll down the right side of the page. There you will come to a screen selection where you can screen for the results of "Completed" sales. Click that block to see what the cars similar to your have actually sold for - or for that matter - what they have not sold for. You will find that most of the cars advertised have not sold at all. And if they have, it was for much less that the asking price. This is not well known among those who place their car's value based upon eBay. Most simply look at their initial search result. In your "Completed" sales search. look for the numbers in green - those sold. The numbers in red indicate non-sales. I hope this helps..................Ken :dontknow:
 

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Discussion Starter #6
I checked out the definition for antique autos and there might be a loop hole dealing with license plate, but it is the government and they can pretty much do what they want. The assessed value figure the used was the one listed in NADA as average retail value so I don’t know how willing they will be to accept actual sales figures, they won’t even take the bill of sale value.



105-330.9. Antique automobiles.
(a) Definition. – For the purpose of this section, the term "antique automobile" means a motor vehicle that meets all of the following conditions:
(1) It is registered with the Division of Motor Vehicles and has an historic vehicle special license plate under G.S. 20-79.4.
(2) It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions.
(3) It is used only occasionally for other purposes.
(4) It is owned by an individual.
(5) It is used by the owner for a purpose other than the production of income and is not used in connection with a business.
(b) Classification. – Antique automobiles are designated a special class of property under Article V, Sec. 2(2) of the North Carolina Constitution and must be assessed for taxation in accordance with this section. An antique automobile must be assessed at the lower of its true value or five hundred dollars ($500.00). (1995, c 512, s 2; 2009-445, s. 24(a).)
 

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Fill out the required paper work for the appeal, and do the comparable research on the year range of the personal property in question. Ya I know it's a hassle, but this will give you some {ammo} / facts to fight the increase in value. And ask just to make sure that the APPRAISER is a personal property appraiser and not a REAL PROPERTY APPRAISER. There is a BIG difference in the two. The difference is a real property appraiser only deals with real estate. Good luck.
 

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Definition Rules!

Looks like the law requires an apprasial value of no more than $500.00........................Ken :dontknow: :beer: :beer:
 

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The lower of its value OR $500....Obviously NC is a state in which antique tags are issued with restrictions of vehicle use instead of just qualifying to do so from the age of the vehicle. Some states have a similar tag dubbed 'horseless carriage' with such use limitations while 'antique tags' do not have the same.
The answer might be a regular vehicle registration and tags. Then agreed upon value insurance coverage from a collector car ins co or the like. In ANY state where tag fees are part for value and part for the vehicle weight, one half of that is a personal property tax and qualifies as a deduction on tax returns each year.

Gees North and South Carolina are decent places to make vehicle purchases because sales tax is limited in both! At least the last time I had dealings there.

:beer:
 

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Discussion Starter #10
The concern I have now is if I fight this and and they come up with a new value less then $13,250 but more than the previous $500 they will charge me for the new rate back across the past three years.??
 

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Discussion Starter #12
It's not that severe, the difference in the tax bill is only @$109 more. It's the principle of the thing don’t much care to give money away to the state.
 

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I was going to ask about this thread thinking this is crazy that some or all states tax vehicles ( do they tax all vehicles?) but then I started to think about the taxes I pay in Canada. Even though we don't get taxed for vehicles we get taxed at the gas pump. It's sad the way all governments find some way to screw us.
 

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ZERO, You are talking about the Durham Count Tax bill I guess ? My Wake county bill shoud be here around the middle of next month.
 

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VINTAGE MOTORHEAD
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How can one make an appeal and not have to explain stated value insurance policies? If I insure my car @ 20K. I am not able to argue that it's just an old "rattletrap" with little real value.
I need to research this deal to understand how these archaic taxes will affect me when I move in.
 

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Why do you think they need to know anything about your insurance business ? Have you been asked by the tax people for that info ? I don't think thats their business ,liability ins,yes.
 

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Discussion Starter #18
Wayne Parrish yes it is and may only be a Durham thing.
As far as the tax people were concerned they were only interested in the market value of the car they wanted pictures and to have their appraise come out and look at it. As far as insurance goes you can chose the level you wish to insure the car, if you’re willing to pay the premiums you can insure it for a million dollars.
 

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VINTAGE MOTORHEAD
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Sorry to admit that I paid very little zttention to the tangible asset taxes or whatever they call it. Now that I am paying attention I am quickly realizing that my toys and tools are going to cost me in tsxes. That ain't hardly equitable.
I have a waterfront lot on Lake Lure.Gotta sell my Florida homestead this fall.
NC is starting to sound like NJ in the tax & fee bs.
 

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Zero, It sounded like you were being queried about how much you insured your car for. I understand completely about stated value coverage after insuring aircraft for years.
 
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