NMSA 1978, § 7-14-4 — Determination of amount of motor vehicle excise tax

The rate of the motor vehicle excise tax is four percent and is applied to the price
paid for the vehicle. If the price paid does not represent the value of the vehicle in the
condition that existed at the time it was acquired, the tax rate shall be applied to the
reasonable value of the vehicle in such condition at such time. However, allowances
granted for vehicle trade-ins may be deducted from the price paid or the reasonable
value of the vehicle purchased.