You can look on the internet to find the fair market value for
trucks and other vehicles. You can also pick up a book listing the
Fair market value in a store. Usually these are free.
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Fair Market Value
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Property Transfer Tax Rates
The amount of tax due depends on the fair market value of the property that is transferred:
If the fair market value is $200,000 or less, the tax is 1% of the fairmarketvalue.
If the fair market value is greater than $200,000, the tax is 1% of the fairmarket value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.
For example:
if fair market value of property is $150,000 tax payable is: 1% of $150,000 = $1,500
if fair market value of property is $250,000 tax payable is: 1% of $200,000 = $2,000 plus 2% of $50,000 = $1,000 for total tax payable of $3,000
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FAIR MARKET VALUE ABOUT $2-$3 . fAIR RETAIL ABOUT $5