- These taxes are based on the year of manufacture of the vehicle and the original taxable value, which is determined, when the vehicle is new and does not change throughout the life of the vehicle.
- Ownership tax is in lieu of personal property tax. The tax is assessed for the time period, which an individual owns the vehicle. Vehicles do not need to be driven in order to be assessed this tax.
- The ownership tax rate assessed on the original taxable value decreases the first 4 years of the vehicle year of service, maintains the same for the 5th through the 9th years of service, and then reduces to a minimum for the 10th and later years.