328 Tax Assessment

Try going to:

http://www.nadaguides.com/

and get a free. immediate valuation of your car there. If you're going to be dialoguing with a state/tax agency about this, I also think you're on stronger ground with an established source like NADA than producing a printout of opinions from an enthusiast chat group.

 

I would say around $40k. There are a few 328 for sale on FerrariAds that are in the $46k range with much lower mileage and more sales friendly colors.
Just my $.02.
BT

 

Tell them it was in an accident and that you repaired it yourself, but this has dramatically reduced its value. LET THEM PROVE otherwise. Say "everyone know that once a Ferrari was in an accident, regardless of how good a repair, the value is at least 40% less than the same example accident free". And don't forget to mention it needs a head gasket, clutch and has some other transmission problems your not sure about yet.

Conclude with "if you can find a buyer for this $hitbucket for over $32,000 I'll give you a $100 finder's fee".

 

My first question would be what was their assessed value. After that, I'd get an estimate quote for the belt service from an authorized Ferrari dealer (if they'll give you one - might not hurt to explain why you need/want it) and a copy of something from Ferrari stating the recommended maintenance intervals - thus showing that you are due and that the value is lowered by at least that amount for appraisal purposes. Perhaps visit a few dealers and get written quotes on what they would pay for it (if they're going to put a number in writing, you KNOW it'll be low). I'd also compile a list of a few 'demonstrative' cars from ebay (typically low pricing) and any other source. Kelly Blue Book [edit - ignore this, forgot they don't include F-cars] is often cheaper than NADA as well, and could help on showing them a lower value. If need be, I can get you Manheim auction history recently and see where those fell as well. The more ammo you can bring to them, obviously, the better you will be. You're right on with every point you brought up about why the value isn't top top dollar, now you just have to find examples to prove to whoever that you are correct. If you need a written "what would you pay" quote from a dealer, I could help with one, and I'm sure there are enough other licensed dealers here that you could likely accumulate a few of these to help the cause...

 

If it helps i have a late model 1987 328GTS, 19619 miles, white/tan in beautiful showroom condition. The car has brand new tires, new clutch, all fluids recently changed and services complete. I have it listed for 42,900 if i sell on my own otherwise the dealership has it on consignment for 45,000.

 

Do you know what the Mill rate difference is from your old town VS your new town ??
They don’t care about the cars condition or even what you paid for it .
I live in West Hartford, my property taxes on my 1986
328 were $ 834 this year. I paid $ 44,000 for the car in 2003.
The gross and net assessment value given to the car by the town was $ 18,940, my mill rate is 44.07.

 

I am surprised that Groton has higher property taxes then Stonington . If I lived in Farmington , one town over from West Hartford I would pay less then half of what I pay in West Hartford .
It would be a lot easier for property owners if the towns valued property at a real value and applied the mill rates. Instead they come up with some formula to value property and then apply their mill rates .
Probably to keep us all in the dark :-]

 

That is ridiculous for an excise tax on an old car. The excise tax in MA on my 308 is $5 a year!

Just another reason not to live in CT!

 

You have to pay an annual tax just because you own the car? This isn't just on change of ownership, but each and every year?

 

What other ridiculous taxes do you have over there? This one is just plain nuts!

 

I didn't see this thread earlier, but it seems like what you needed to do was take it to the dealer and get an appraisal, it's really the only way to "prove" the value.

In NY and PA, the tax is on real property only which is nice, but I guess many states feel is unfair and tax all assets so everyone who spends, pays....not just the ones who live the "standard" life style, ie nice house THEN nice other stuff. Still not really fair since a person can still hoard their money and avoid tax, but few do that.

I guess the whole property tax thing got to the Supreme Court a few years back, over states using the sale price as the assessed value. That lead to a house that hasn’t sold in 30 years having a value of say $10k and the not as nice one next door being $500k. Now they need to do assessments every so often, here in PA I think it’s 8 years and any new construction gets assessed at a value comparable to other assessments in the area, so the assessment on my new house was 60% of the purchase price. Then when they re-assess the area, the mill rate must be re-set so the new assessments do not change the total tax revenue.

 

If you were to take it to a local F-Car dealer and inquire about a "trade-in", I am sure you would get the paperwork you wanted, and with a price on it in the "Low" range which is what you would want if paying taxes on that price.

-Mike