Tax Type
Property Tax
Description
Automobiles
Topic
Basis of Tax
Local Taxes Discussion
Property Subject to Tax
Date Issued
12-23-1970
A personal property tax may not be imposed on persons who sell their automobiles shortly before January 1st of each year, the statutory assessment date, and purchase new cars immediately after that date. However, if the automobile is purchased before January 1 and possession takes place after that date, the tax does apply. While the tax is imposed only on property owned on January 1st, actual possession of the taxable property on that date is not required.
Attorney General's Opinion