How do you figure motor vehicle excise tax for Oklahoma?

>1. Determine the taxable value of your vehicle.

The taxable value is the current market value of your vehicle as of January 1 of the tax year. You can find the taxable value of your vehicle on your vehicle registration.

>- If you purchased your vehicle new in Oklahoma, the taxable value will be the purchase price, plus any accessories you added to the vehicle.

>- If you purchased your vehicle used in Oklahoma, the taxable value will be the purchase price, plus any accessories you added to the vehicle, minus any depreciation allowed by the Oklahoma Tax Commission.

>- If you brought your vehicle into Oklahoma from another state, the taxable value will be the market value of the vehicle as of the date you brought it into the state.

>2. Multiply the taxable value of your vehicle by the excise tax rate.

The excise tax rate in Oklahoma is 1.25% for new vehicles and 0.625% for used vehicles.

>3. Add any additional taxes or fees to the excise tax calculation.

These may include sales tax, county excise tax, and city excise tax.

>4. Deduct any credits or exemptions from the excise tax calculation.

You may be eligible for credits or exemptions if you are a veteran, disabled, or have a low income.

>5. Pay your excise tax bill.

Your excise tax bill will be mailed to you by the Oklahoma Tax Commission. The bill will include the amount of tax you owe, as well as the due date.