How is the Excise Tax on vehicles calculated?

Excise Tax is calculated by multiplying the manufacturer's suggested retail price (MSRP) by the mill rate as shown below. The rates drop back on January 1 of each year.

Year
Mill Rate
Year 1
0.0240
Year 2
0.0175
Year 3
0.0135
Year 4
0.0100
Year 5
0.0065
Year 6
0.0040

For example, a 3-year old car with an MSRP of $19,500 would pay $263.25.

Show All Answers

1. Where do I pay the Excise Tax?
2. How much is the Excise Tax?
3. How is the Excise Tax on vehicles calculated?
4. Where does the Excise Tax go?
5. Why is the tax based on manufacture's suggested retail price (MSRP)?
6. Where can a town get the manufacturer's suggested retail price (MSRP)?