Sunday, March 2, 2008

standard presumptive value

have you ever bought or sold a used car & when you go to write up the bill of sale you tell a small fib regarding the actual purchase price of the vehicle to avoid paying a higher tax on the vehicle you just purchased? if it’s something you’ve done before don’t bother trying to do it again in here in the state of texas.

standard presumptive value (SPV) relates to used car buying here in texas. it's a new law that was passed in late 2006 that places a regulation on how your vehicle’s value is determined. rather than going by what is written on the bill of sale for what you paid for the vehicle, state will evaluate your vehicle's value & based on their determination of your vehicle’s value that is the dollar amount for which you will pay in sales tax.

no more “tricking” texas on this one.

1 comment:

Anonymous said...

Yeah, and the SPV is a cash cow for the state. They are WAY HIGH in their estimate of the SPV and 80% of the SPV will still be above your wildest dreams! Not lost on the bureaucrats is the fact that the 'law' also provides for independent appraisal - at $100 to $300! SO you've got to beat that to even make it worthwhile! And we didn't get a kiss!