My Model 3 appreciate instead of depreciate... according to NCDMV

[Talax74]

I received today my NC combined vehicle registration renewal and property tax notice.
Long story short they appraised my car 50KUSD.

But when I bought my model 3 SR (not SR+ plain SR) the value was 35K, so basically it appreciated 15K in 12 month.
If it keeps appreciating like this I'll be able to retire in few years (40% appreciation per year).

Jokes apart, I'm trying to appeal the tax value, but what a waste of time.

 

[OCR1]

Do they normally use purchase price to establish the base value or do they do a market appraisal on every registration regardless of purchase price?

 

[M3BlueGeorgia]

I received today my NC combined vehicle registration renewal and property tax notice.
Long story short they appraised my car 50KUSD.

But when I bought my model 3 SR (not SR+ plain SR) the value was 35K, so basically it appreciated 15K in 12 month.
If it keeps appreciating like this I'll be able to retire in few years (40% appreciation per year).

Jokes apart, I'm trying to appeal the tax value, but what a waste of time.

Sounds like they have you down as a LR AWD vehicle instead of what you actually have.

 

[Mr X]

I've yet to see a used SR+ for less than what I payed and the price of SR+ has gone up since I purchased


My car has only appreciated in value. Incredible

 

[boaterva]

Still doesn’t sound right. Should be be blue book which should still depreciate especially the first year, no? I’d look up the formula for your location and see what the actual calculation is and the source.

Virginia uses purchase the first year then a percentage of KBB.

 

[Talax74]

Still doesn’t sound right. Should be be blue book which should still depreciate especially the first year, no? I’d look up the formula for your location and see what the actual calculation is and the source.

Virginia uses purchase the first year then a percentage of KBB.

Thank you for the idea. I checked on the website of the county and looks like KBB is not acceptable, there are a couple of document I can propose like the bill of sales. I'm just trying to recover it.

 

[Mrcarcrazy]

Bless their scoundrel hearts. Good luck on your battle.

 

[lencap]

I received today my NC combined vehicle registration renewal and property tax notice.
Long story short they appraised my car 50KUSD.

But when I bought my model 3 SR (not SR+ plain SR) the value was 35K, so basically it appreciated 15K in 12 month.
If it keeps appreciating like this I'll be able to retire in few years (40% appreciation per year).

Jokes apart, I'm trying to appeal the tax value, but what a waste of time.

I feel you pain. I too live in NC, the land of appreciating car values. NC Revenue Department doesn't make it easy to appeal valuation. They also have shifted from NADA Wholesale value to Retail value on vehicles a short time ago, increasing the valuation of all cars - higher valuation is higher revenue from their perspective. My appraisal last year was $3000 more than I paid for the car new in 2018 before the tax credit! They require a written appraisal to fight the valuation. They then decide "ad hoc" if they will accept the valuation. Typically they take the written valuation and increase it by 10% or so (wholesale/retail price spread). The only luck I've had is CarMax appraisals, but even then it's hit or miss. I tried this last year and got a small reduction, but still far too high compared to real value. They seem to be adding back at least part of the tax credit, even though they're expired. Oh, also don't forget they add a $200 surcharge to your registration to offset the lack of gasoline tax for any EV owner.