Bruinsfan27 10 Report post Posted December 9, 2011 I have been restoring my 69 fastback for 3 years... it sat for 5 years before that not registered. I want to get it registered now and i was told by the dmv i would have to pay taxes on $17,500 book value. That would be around $1,200 plus all 8 years of back taxes!! WTF! does anyone know a way around this? it's gonna be very expensive!! Quote Share this post Link to post Share on other sites
MAD IN NC 21 Report post Posted December 9, 2011 so, RI says that while a vehicle is inoperable, not road worthy, not plated and even not registered you still pay taxes? Didn't they know us Americans went through a revolutionary war and succeeded from England? BTW - where did they come up with book value? My 69 in NC is "valued at wholesale, blue book or private party asking price for tax purposes." As of 1/1/11 the value was $2,890... Quote Share this post Link to post Share on other sites
Fordrevhead 29 Report post Posted December 9, 2011 The eight years is a penalty from not paying the sales tax when you first bought it. Whether u register it or not sales tax is due by the 20th of the following month. You dont however owe the excise tax that you would if it were registered. http://www.dmv.ri.gov/registrations/tax/index.php Quote Share this post Link to post Share on other sites
DRASTiK 22 Report post Posted December 9, 2011 that book value seems extreme to me. How can they claim the car to be worth several times what it cost new? Where did that number come from? I can't remember exactly what I paid to register my stang after filing for abandoned title, but was miniscule. Quote Share this post Link to post Share on other sites
Pakrat 1,043 Report post Posted December 10, 2011 At the very least you shouldn't have to value the car at any more than what it says on the Bill of Sale and unless RI law has changed since I last registered a car there you were still allowed to sell people a car for $1.00 if you wanted to. Quote Share this post Link to post Share on other sites
Bruinsfan27 10 Report post Posted December 11, 2011 They have a book called the CPI book which stands for Car of Particular Interest. If i wanted to fight it at the time i would of had to hire a private appraiser and IF they agreed i would get my money back. Oh yeah they wanted the $1,200 up front. Someone told me that if i get a dealer willing to do it, i can have the dealer write up a bill of sale and the state will believe the value a dealer declares. The problem is finding a trust worthy dealer. In other words one that will screw the state...not me. lol Quote Share this post Link to post Share on other sites
Pakrat 1,043 Report post Posted December 12, 2011 I don't know, sounds to me like you are still getting screwed. Quote Share this post Link to post Share on other sites
