How much is excise tax in oklahoma
Excise tax is due upon each transfer of ownership unless specifically exempt by law. Excise tax is collected when issuing the new title. Oklahoma residents are subject to the excise tax if the vehicle is purchased out of state. Non-residents are exempt from Oklahoma excise tax if they are titling and registering the vehicle in their home state.
Excise Tax will be based upon the actual purchase price of a vehicle, excluding any trade-in or discounts, provided that price must be within 20% of the average retail value of the vehicle. Upon entry, the computer system will determine the acceptability of the purchase price, rejecting and modifying those that do not fall within the 20% range. Both the purchase price provided and the registrant and the taxable value utilized in the assesment of excise tax will appear on the title transaction receipt and MVIN. Prices will no longer appear on vehicle
NEW VEHICLES: A purchase contract or bill of sale from the selling dealer will be required to verify purchase price.
USED VEHICLES: A purchase contract, bill of sale, or, if neither is obtainable, a declaration of the purchase price by the purchaser will be required. A price declaration form will be distributed to all agents for this purpose.
Excise Tax Computation
NEW VEHICLES: 3.25% of Purchase price
1 October 2000 through 30 June 2001: $20.00 on the first $1000.00 of Purchase Price + 3.25% of the remainder.
1 July 2001 through 30 June 2002: $20.00 on the first $1250.00 of Purchase Price + 3.25% of the remainder.
1 July 2002 and thereafter: $20.00 on the first $1500.00 of Purchase Price + 3.25% of the remainder.
Oklahoma Motor Vehicle Tax Commission Division Department of Public Safety TransportationSource: www.oktagagent.com