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Once upon a time, Calyfornua taxing system went as follows. You buy a
new car and basically pay a 3 percent registration rate plus their pound of
flesh sales tax of over 8 percent. Each year the car would depreciate some
and the tax would decrease. Therefore a really old car could go down in
value to the point where your annual registration fee could be quite modest, and
if you should sell the car, this depreciated value would carry to the new
owner.
Some years back, some thieving, miserable socialist decided this was not
fair to the downtrodden and found a method to extort another pound of flesh
to support Caly's insatiable demand for monies to fund more vote buying pet
projects. Now when you sell your car, the new owner must reset the clock
to what he paid you for the car. So a Corvette that sold new in 1967 for
say 5,000.00 and was owned for 50 years and now sells for 100,000.00 is
annually taxed at a value of 100,000.00 to the new owner and begins to
depreciate from there until it is sold again. And of course the buyer must
pay over an 8 percent sales tax on this 100k. Gets expensive in annual
taxes to own an old car or 2. And if you do not register it to drive it on
the streets each year, you must still pay an out of service
annual tax. So the best deal now is never to sell an older car to
replace with another older car. Kinda curbs the collector car trading
market. And some wonder why many have contempt for our politicos!
Oh Christ, I just gone and lost my head again.
Roger Schaaf
71 Corvette that I have owned 35 years and 300 B that I have owned for 23
years. Might love to do some trading around, but will not. What
a way to run an economy!
----- Original Message -----
Sent: Saturday, April 21, 2007 5:45
AM
Subject: [FWDLK] property taxes/old
cars
In North Carolina an annual property tax must be paid on every vehicle.
It matters not whether the car is usable or licensed. . A special "book"
is kept in the state capitol which gives the local assessor the "correct rate"
at which to tax your old car. The book assumes every old car,
including that rusted out old Model A in the wood behind your house is a
restored model. Appeal is virtually impossible, as I stated in another post a
few minutes ago. One must go to Raleigh with a hired lawyer after filing a
petition and formally present your appeal to a tax appeal board. This is what
I was told by letter when I protested my tax bill.
As mentioned above, the tax is an ANNUAL one, and though it decreases
slightly each year on new cars, it increases on "antique" models.
I have many friends who "hoard" old parts cars "out back" that are in
great fear of the tax assessors finding their ":stash." Especially so since
they have begun using aircraft to spot these vehicles. North Carolina is NOT a
tax friendly state to homeowners or old car lovers. And yet each year I
receive an "invitation" to enter my 55 Imperial in the annual Christmas
Parade. For free, of course.
Oh yes-fail to pay the tax on that "junker" out back and they will refuse
to license your regular driver.
Ted ( who would get the h--ll out of here if someone would
buy his house!!)
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