NC928S4

Now into my 5th year of being $10,000 away from owning a $5,000 car I've settled into being proud of my obsession.

However, today I received my tax assessment from the state of NC. According to the authorities my $5,000 car is only worth $4,470. They gave me the option of appealing the value which offers nothing but downside money wise.

On the positive side, I got kudos from 2 millennials at the gas station today on how cool the 928 is.

hacker-pschorr

I'm confused, is this a bad thing? What is the assessment for? Personal property taxes?

hwyengr

There's an era of kids to whom Porsche has only made watercooled cars. There's hope for appreciation in 928 values yet.

The Forgotten On

That era, mine mostly, knows nothing of the original 3 water pumpers and only knows of the new ones.

However they may one day find out how cool the classic ones are compared to the new ones that their mother drives them to school in.

NC928S4

It's a personal property tax assessment. Just bummed the "value" isn't even $5K.

yardpro

tax values on cars is usually low

hacker-pschorr

+1

Be thankful your state doesn't farm out for a "Real Market Value" evaluation. I'm not sure if any state does that......yet.

david_alford

NC tax value on my '83 is $2770!

drwhosc

You want low tax evaluation.

Daniel5691

By no means a Millenial, but since kid-hood (seems to be continuing on ha ha) I've always thought the 928 was the prettiest car, ever.
Love at first sight!
Dan

docmirror

In TX the state uses a standard presumptive value for sales tax info. The car would be worth $7000 in this state. You can challenge the standard value, but it requires an appraisal by a licensed car appraiser. I had to do this when I bought the 968 in rough shape. The standard value was $11,600, but I only paid about $1800 for it, so the appraisal fee of $100 was well worth the cost.

The 928 just doesn't demand the value that other vintage GT cars demand. Oh well, I guess that's a good thing when I'm buying, but bad when I'm selling.

hacker-pschorr

Sales tax when registering a car in Wisconsin is on the honor system, you simply put down what you paid. Unless it's totally absurd (like $1 for a Ferrari) they almost never question it.

Even if they do, there is another one page form to be signed by the seller confirming the price.

Relative to relative we can do a title transfer, no sales tax.

Vehicle registration is only $70 (or $80) per year to update the tags. Unless the car is over 20 years old, then you pay $200 for the first car, $150 for each one after. It's a one time fee for as long as you own the car.

jeff spahn

Personal property tax, like they tax you on this value every year? That sucks if so.

outbackgeorgia

NC is, the last survey I saw, third behind NY and NJ in overall taxes.

Don Carter

Doc,

I transferred the title of the 82 I bought recently today and got hit by the presumptive value tax calculation, BUT there's a little known clause in the state law that says presumptive value should not be used to calculate taxes for cars over 25 years old. The tax should be calculated on whatever you say the sales price was. So any 928, '90 or prior is now 25 years old, and no presumptive value should be used.

The tax clerks don't know about it, and you have to fight them on it. I have bought 2 928's since learning about this and both times I had to get supervisors involved who were aware of the law.

When I got back to my office today, I fired off an email to the top Tax Collector in Harris County and CC'ed 5 or 6 people under him, explaining how they are illegally collecting more taxes than they should be on older cars. I got a reply that it will be investigated. Their systems could easily calculate the age of the car, and calculate the tax correctly, but they don't.

The entire presumptive tax concept is deeply flawed to start with, but this makes it even worse. If you paid tax on the S4 you bought recently based on PV, and still have your receipt, you might want to try to get some cash back if your sales price was below PV.