Oklahoma Administrative Code
Title 260 - Office of Management and Enterprise Services
Chapter 135 - Service Oklahoma
Subchapter 7 - Motor Vehicle
Part 45 - VEHICLE SALES TAX AND MOTOR VEHICLE EXCISE TAX
Section 260:135-7-242 - General provisions
Current through Vol. 42, No. 1, September 16, 2024
(a) Date due; penalty. Excise tax is due at the time of transfer of legal ownership or possession of a vehicle and must be paid within thirty (30) days of such date. After the thirtieth (30th) day, a penalty is to be collected in addition to the tax due. The daily penalty will accrue until the tax is paid. However, the penalty is not to exceed the amount of the tax due.
(b) Taxable value. On vehicles, other than manufactured homes and certain commercial vehicles, excise tax is based upon the actual sales or purchase price. The actual sales price, commonly referred to as "purchase price", is the actual sales price of a vehicle excluding any consideration given for a trade-in. For the purpose of vehicle taxable value computation, actual sales price is to include the cost of the vehicle, including any equipment or product affixed to, or applied upon, the vehicle. It is not to include any fee included in the sale transaction that is related to a service provided by the seller, or an outside party (i.e. documentary fee; financing fee; insurance coverage fee; maintenance agreement fee). No consideration for a vehicle trade-in, either debit or credit, is to be included in the actual sales price utilized for establishing the taxable value for the purpose of excise tax assessment. The actual sales price must be within twenty percent (20%) of the average retail price value of the vehicle, as listed in the automotive reference material prescribed by the Oklahoma Tax Commission. [See: 710:60-5-50] If the actual sales price is not within that value range, the Tax Commission shall establish a taxable value as close to the actual sales price as possible while still within the prescribed value range.
(c) Minimum tax. The minimum excise tax on vehicles and the minimum excise tax on manufactured homes is set by statute.
