MinnPost is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. You can submit claims you think need checking here. Sign up for our newsletter for more stories straight to your inbox.
Yes.
Vehicle registration tax changes will go into effect for the period starting on Jan. 1, 2024, increasing the rate from 1.25% to 1.54% of the manufacturer’s suggested retail price and destination charge for cars registered in Minnesota before Nov. 16, 2020, and from 1.285% to 1.575% for those registered on or after Nov. 16, 2020. The adjusted MSRP depreciation schedule starts with 100% in the first year, declining in years two to nine as follows: 95%, 90%, 80%, 70%, 60%, 50%, 40%, and 25%. Vehicles in the eleventh and seceding years have a $20 minimum, reduced from $25.
Previous tax for vehicles registered on or after Nov. 16, 2020, was $10 plus 1.285% of the car’s base value. Prior to that date, tax was $10 plus 1.25% of the car’s base value. Costs decreased by 10% each year until it reached 10% in the tenth year.
A tool to estimate vehicle registration tax is available on the Minnesota Driver and Vehicle Services website.
This fact brief is responsive to conversations such as this one.
Sources:
- Minnesota Legislature HF 2887
- Minnesota Driver and Vehicle Services Vehicle registration tax estimator: Minnesota Driver and Vehicle Services > Renew a Vehicle Registration
0 Commentaires