Once the value of the vehicle is determined, an excise at the rate of $25 per thousand is assessed. Excise tax is assessed annually, on a calendar year basis, by the assessors of the city or town in which the vehicle is garaged.
If the motor vehicle is registered after January 31, it is taxed for the period extending from the first day of the month in which it is registered to the end of the calendar year. For example, if a vehicle is registered on April 30, it will be taxable as of April 1, for the nine months of the year (April through December) and the excise due; therefore, will be 9/12 of the full excise. In no event shall the excise be assessed for less than $5, nor shall an abatement or refund under Section 1 Chapter 60A reduce an excise to less than $5.