Licensed motor vehicles include any motor vehicle that maintains an active North Carolina tag or registration. The term "Motor Vehicle" includes automobiles, trucks, buses, campers, trailers and motorcycles.
Motor Vehicles are valued by year, make and model in accordance with the North Carolina Vehicle Valuation Manual. Values are based on the retail level of trade for property tax purposes. A motor vehicle offered for sale by a dealer to the end consumer represents the best example of the retail level of trade.
The retail value of the motor vehicle is determined based on the registration renewal month. January through August renewal months use the January 1 value from that period. September through December renewal months use the January 1 value immediately after that period.
Licensed motor vehicles are not valued at wholesale, blue book or private party asking price for property tax purposes. Sales transactions between private buyers and sellers and Internet valuation lookup websites typically reflect these levels of trade.