§ 105-187.3. Rate of tax. - North Carolina Statutes

§ 105‑187.3.  Rate oftax.

(a)        Amount. – The rateof the use tax imposed by this Article is three percent (3%) of the retailvalue of a motor vehicle for which a certificate of title is issued. The tax ispayable as provided in G.S. 105‑187.4. The maximum tax is one thousanddollars ($1,000) for each certificate of title issued for a Class A or Class Bmotor vehicle that is a commercial motor vehicle, as defined in G.S. 20‑4.01.The maximum tax is one thousand five hundred dollars ($1,500) for each certificateof title issued for a recreational vehicle that is not subject to the onethousand dollar ($1,000) maximum tax.

(b)        Retail Value. – Theretail value of a motor vehicle for which a certificate of title is issuedbecause of a sale of the motor vehicle by a retailer is the sales price of themotor vehicle, including all accessories attached to the vehicle when it isdelivered to the purchaser, less the amount of any allowance given by theretailer for a motor vehicle taken in trade as a full or partial payment forthe purchased motor vehicle. The retail value of a motor vehicle for which acertificate of title is issued because of a sale of the motor vehicle by aseller who is not a retailer is the market value of the vehicle, less theamount of any allowance given by the seller for a motor vehicle taken in tradeas a full or partial payment for the purchased motor vehicle. A transaction inwhich two parties exchange motor vehicles is considered a sale regardless ofwhether either party gives additional consideration as part of the transaction.The retail value of a motor vehicle for which a certificate of title is issuedbecause of a reason other than the sale of the motor vehicle is the marketvalue of the vehicle. The market value of a vehicle is presumed to be the valueof the vehicle set in a schedule of values adopted by the Commissioner.

(b1)      Retail Value ofTransferred Department of Defense Vehicles. – The retail value of a vehicle forwhich a certificate of title is issued because of a transfer by a State agencythat assists the United States Department of Defense with purchasing,transferring, or titling a vehicle to another State agency, a unit of localgovernment, a volunteer fire department, or a volunteer rescue squad is thesales price paid by the State agency, unit of local government, volunteer firedepartment, or volunteer rescue squad.

(c)        Schedules. – Inadopting a schedule of values for motor vehicles, the Commissioner shall adopta schedule whose values do not exceed the wholesale values of motor vehicles aspublished in a recognized automotive reference manual.  (1989, c. 692, ss. 4.1, 4.2;c. 770, s. 74.13; 1993, c. 467, s. 3; 1995, c. 349, s. 1; c. 390, s. 30; 2001‑424,s. 34.24(a); 2001‑497, s. 2(a); 2009‑550, s. 2(e).)