Valuation of vehicles
Sec. 3. (a) As the basis for measuring the tax imposed by this
chapter, the bureau shall determine the value of each vehicle as of
the time it is first offered for sale as a new vehicle in Indiana. The
bureau shall adopt rules for determining the value of vehicles, using
the "factory advertised delivered price" or the "port of entry price".
(b) If the bureau is unable to ascertain a value by this method in
respect to any vehicle or class of vehicles because the vehicle is a
specially constructed vehicle or for any other reason, the bureau shall
determine, from any information available, the true tax value subject
to review and adjustment by the department of local government
finance.
(c) For each vehicle, beginning with the 1990 model year, the
bureau shall reduce the value determined under subsection (a) or (b)
by dividing:
(1) the price determined under subsection (a) or (b); by
(2) one (1) plus the average percentage increase in new
automobile prices using the most recent annual reference to the
Consumer Price Index for Private New Automobiles as
published by the Bureau of Labor Statistics, United States
Department of Labor.
(Formerly: Acts 1969, c.423, s.3; Acts 1971, P.L.73, SEC.2.) As
amended by P.L.24-1986, SEC.31; P.L.335-1989(ss), SEC.8;
P.L.90-2002, SEC.304.
Last modified: May 28, 2006