Having the ability to own some of the high-end cars is great – but having to pay the amount of tax that is on it is a pain in our sides. At least it is if you donâ€™t live in Massachusetts. It seems that the Registry of Motor Vehicles for the state missed out on collecting $32 million a year from the late 1990â€™s up until 2007 in annual taxes. It made this mistake thanks to its NADA database.
Unfortunately for the RMV, NADA’s database excludes high-end luxury vehicles, so there was no proper way to tax those cars in the state. If, for instance, you purchased a Bugatti Veyron, instead of paying many thousands of dollars, you could have wound up paying no more than the owner of a Toyota Camry.
Luckily those who were affected do not have to pay up any money that the government missed out on because it was their fault. The commonwealth has decided that trying to collect the over $300 million it missed over all those years would be an administrative and legal nightmare.
Posted Under: Supercars