Personal property tax on my 458 in NC question

I live outside of Charlotte in a different county and paid around 3k a year on a car valued at around 400k. It stung because this is every year and goes down per year as the car “depreciates.” Use this tool. It’s pretty accurate:

https://edmv.ncdot.gov/TaxEstimator


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When I had a Huracan, I was paying around $2700 per year on this tax.


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Fun fact!

In SC any car with an “antique plate”, over 25 years old and not used for regular transportation is taxed at……$0!

$100 or $5,000,000 car, no matter, zero tax.

 

Got to be 30 yo in NC. Which sucks....

 

But they make up for it on the new ones! Property tax not sales tax that is.


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A lot of our clients with multiple cars "store them" in Montana, in a desk drawer It is a one time fee for registration. Amazing how often they bring them to Charlotte for driving and service.

 

That’s just inspection. I still have to pay registration and property tax on my old Ferrari and Harley.

 

Montana tags are your answer.

 

Antique tags are available for cars 30 years or older and the PPT is caped at $500 regardless of vehicle actual value. Car is to be used for shows etc. and not daily driven. Kind of an administrative pain to get but not much different than getting the Montana plates. I have several of my older units tagged this way. Newer high value there is only one option.

 

Do you have a link or such?

 

One thing you may find is they don't know how to value some cars. I have a 2015 458 (low miles, high options) and they valued it at $93K (this was a few weeks ago). So my total tax and other fees in Wake County was $915. My local buddy with a Murcielago paid under $700. YMMV

 

Kevin
If your car qualifies then just go to DMV and request and antique tag and they will switch it.

 

Kevin, What Peter said plus do it before the 90 day renewal date or they will do the transfer but you will still have to pay the regular tax value for the upcoming year. They got me on that little point for one of my cars that I waited until I got the annual renewal notice. Also be ready to get a form from your local county tax office after the DMV issues the annual renewal to verify the use of the vehicle. I actually received the renewals with the old values and then got the county form. After completing and returning the county form about a week later I got the correct revised tag billing with the $500 limit from the DMV. Just government making you jump through the hoops to get something they really didn't want to grant in the first place. We can thank the Classic Vehicle lobby for getting this through for us a few years ago (I think it was 2018). NC DMV is not the greatest to work with when it comes to registering and tagging classic cars. It was a real crap show when I moved here from AZ with my older vehicles and that is a story for another time.

 

Wow this has been enlightening.

First, while I currently do not drive my Ferrari daily I would not rule it out in the future. It is a driver not a show car.

This year Wake county wants $135.97 for the old nag.

So, I question getting the antique tag.

 

https://www.ncdor.gov/taxes-forms/property-tax/property-tax-forms/av-66-antique-automobile-value-exclusion-application

I recently put an antique plate on my 328. In addition to getting the tag from the DMV, you also have to complete the form on the linked page above and take the completed form to your county tax office. Was actually very easy and only took 5 mins once I found time to drive to the office. Saved several hundred dollars on property tax this year, so was worth it.

 

https://www.mttitles.com

You're welcome.

 

Then it’s settled. Simply never buy a new car.