NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-14-4
Determination of amount of motor vehicle excise tax
Official textnmonesource.comlast amended
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.
Amendment history
1978 Comp., § 7-14-4, enacted by Laws 1988, ch. 73, § 14; 2019, ch. 270, § 44.
Source: official source (NMSA chapter on nmonesource.com)
In this article (14 sections)
- 7-14-1 · Short title
- 7-14-2 · Definitions
- 7-14-3 · Imposition of motor vehicle excise tax
- 7-14-4 · Determination of amount of motor vehicle excise tax
- 7-14-5 · Time of payment of tax
- 7-14-6 · Exemptions from tax
- 7-14-7 · Credit against tax
- 7-14-7.1 · 7-14-7.1
- 7-14-8 · Imposition of penalty for failure to make timely application
- 7-14-9 · Refunds; procedures
- 7-14-9.1 · Protests
- 7-14-9.2 · Penalties for failure to submit report or to pay; interest
- 7-14-10 · Distribution of proceeds
- 7-14-11 · Administration by department; authority of department