GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	1 

HOUSE BILL 905

Short Title:  Vehicle Tax Value.	(Public)
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Sponsors: Representatives Hightower; and Bowman.
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Referred to:  Finance.
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April 18, 1991

A BILL TO BE ENTITLED
AN ACT TO PROVIDE AN ALTERNATE MEANS OF VALUING MOTOR VEHICLES FOR PURPOSES OF TAXATION UNDER THE HIGHWAY USE TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-187.3(b) reads as rewritten:
"(b)	Retail Value.  The retail value of a motor vehicle for which a certificate of title is issued because of a sale of the motor vehicle by a retailer is the sales price of the motor vehicle, including all accessories attached to the vehicle when it is delivered to the purchaser, less the amount of any allowance given by the retailer for a motor vehicle taken in trade as a partial payment for the purchased motor vehicle.  The retail value of a motor vehicle for which a certificate of title is issued because of a sale of the motor vehicle by a seller who is not a retailer is the lower of the following amounts, less the amount of any allowance given by the seller for a motor vehicle taken in trade as a partial payment for the purchased motor vehicle:
(1)	The market value of the vehicle; or
(2)	The sales price of the vehicle given in a statement filed under this subsection.
The retail value of a motor vehicle for which a certificate of title is issued because of a reason other than the sale of the motor vehicle is the market value of the vehicle.  The market value of a vehicle is presumed to be the value of the vehicle set in a schedule of values adopted by the Commissioner.
	When applying for a certificate of title, a person who purchases a motor vehicle from a seller who is not a retailer may file a statement of the sales price of the motor vehicle.  The statement must be made under oath or affirmation.  A person who knowingly makes a false, sworn statement of the sales price of a motor vehicle commits perjury, a Class H felony."
Sec. 2.  This act becomes effective October 1, 1991, and applies to motor vehicles for which certificates of title are issued on or after that date.