In an attempt to de-mystify the annual, pesky excise tax we offer the following excise tax information:
Excise bills are prepared by the RMV according to information on the registration. They are sent to city/town assessors who commit them to local tax collectors for distribution.
The excise tax rate is $25 per $1,000 of valuation (NADA) subject to the following percentage formula:
In the model year: 90%; second year: 60%; third year: 40%; fourth year: 25%; fifth year & beyond: 10%.
If you have turned in your plates on the vehicle you are getting excise taxed on, or if you have transferred plates and got rid of the vehicle, you may be eligible for abatement . Abatement instructions are located on your excise tax bill.