This bill amends the existing law regarding the valuation of motor vehicles for the purpose of the motor vehicle excise tax in Oklahoma. It specifies that the value of a vehicle, excluding manufactured homes, will be determined based on the actual sales price at the time of ownership transfer, with the new provision allowing for the subtraction of any trade-in rebates received. The previous requirement that the vehicle's value must be within twenty percent of the average retail price as listed in automotive reference materials has been removed.

Additionally, the bill mandates that the actual sales price, along with details such as the number of tires and tire rim diameters, must be documented on the bill of sale provided by the seller. This information will be necessary for the issuance of a vehicle certificate of title by Service Oklahoma or an appointed licensed operator, contingent upon the payment of all applicable taxes and fees. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2104