Texas Adjusters Can Now Appraise Used Cars
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Texas Adjusters Can Now Appraise Used Cars - 9/30/2006 7:18:18 PM
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Tejaus
Posts: 33
Joined: 11/7/2005
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On Oct. 1st 2006 a state law goes into effect that will allow licensed adjusters to appraise used motor vehicles for private-party sales. This is to satisfy the States Standard Presumptive Value on used vehicle sales.
For instance, say Joe Car Buyer purchases a used 2000 Silverado that has hail damage for $5000.00 and wants to pay the sale tax on that amount. The State says that the presumptive value for that year and make as determined from the Black Book of Used Vehicles should be $10,000.00 and he owes sales tax for that amount. Joe Car Buyer can pay the extra tax or have his vehicle appraised by a licensed Insurance Adjuster who can certify that the vehicle infact has $5000.00 of hail damage.
From what I understand the presumtive value is determined from the lowest wholesale value on a vehicle.
http://www.window.state.tx.us/taxinfo/taxforms/14-128.pdf
14-128 (6-06)
TEXAS COMPTROLLER OF PUBLIC ACCOUNTS
USED MOTOR VEHICLE CERTIFIED APPRAISAL FORM
INSTRUCTIONS
Any change to this form after completion voids the form in its entirety. licensed motor vehicle dealer or licensed insurance adjuster uses this form exclusively for the purposes of Section 152.0412, Tax ode and 34 T.A.C. § 3.79 concerning Standard Presumptive Value. The form must be filled out in full and be typed or legibly printed fter the appraiser views the motor vehicle in person. A dealer may only provide an appraisal for the types of motor vehicles which he dealer is licensed to sell. The purchaser files this form with the county tax assessor-collector at the same time of titling and egistering the vehicle. Do not send the completed form to the Comptroller of Public Accounts. Under Ch. 559, Government Code, you are entitled to review, request, and correct information a governmental body has on file about you, with limited exceptions in accordance with Ch. 552, Government Code. To request information for review or to request error correction, contact the county tax assessor-collector where this form is filed.
A Cat r PURCHASER INFORMATION MOTOR VEHICLE INFORMATION Year Make Model Odometer Reading VIN APPRAISER INFORMATION APPRAISAL INFORMATION SIGNATURE ea code and nuName Phone (Armber) Address City State ZIP code Motor Vehicle Dealer or Licensed Insurance Adjuster Name Motor Vehicle Dealer or Licensed Insurance Adjuster Number Address City State ZIP code Printed Name of Appraiser Phone Number If you make a false statement on this document, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal CodeSection 37.10.Retail Value ................................................................................................................................................................................. Explanation for Appraised Retail Value (e.g., identify mechanical, appearance, or other factors that affect the appraised retail value) Appraisal Fee .............................................................................................................................................................................. . I hereby certify that I have seen this vehicle and all the statements in this document are true and correct to the best of my knowledge and belief. $
Signature of Appraiser Date of Appraisal See the other side of this form for details on appraising and fees.
14-128 (Back) (6-06)
14-128 (Back) Motor Vehicle Tax: Appraising Used Motor Vehicles in Private-Party Sales by Licensed Motor Vehicle Dealers and Insurance Adjusters
Effective October 1, 2006, Tax Code Section 152.0412 allows a purchaser of a used motor vehicle in a private-party sale to get an appraisal to establish the amount of motor vehicle sales tax due. A private-party sale is one that does not involve a licensed motor vehicle dealer. This appraisal process does not involve dealer sales.
Eligible appraisers
Licensed Texas motor vehicle dealers can appraise the categories of motor vehicles that they are licensed to sell. That is, automobile dealers can appraise automobiles, motorcycle dealers can appraise motorcycles and trailer dealers can appraise trailers. Licensed dealers include new and used vehicle dealers, wholesale dealers, wholesale auction dealers, motorcycle dealers, trailer dealers and any other dealers licensed by Transportation Code, Chapter 503, Subchapter B, but not a drive-a-way operator.
An insurance adjuster can appraise any type of used motor vehicle.
Appraisal fee
Under the new law, the Comptroller sets the fee for a certified appraisal by a licensed Texas motor vehicle dealer. Comptroller Rule 3.79 (34 T.A.C. § 3.79) states that the fee can be no less than $100 and no more than $300, except for appraisals of motorcycles, house trailers, travel trailers and motor homes.
A licensed motorcycle dealer can charge no less than $40 and no more than $300 for a certified appraisal of a motorcycle. For a certified appraisal of a house trailer, travel trailer or motor home, the fee can be no less than $100 and no more than $500.
The law allows that licensed insurance adjusters set their own fees for a certified appraisal.
Appraisal form
The appraiser must use Comptroller form 14-128, Used Motor Vehicle Certified Appraisal Form, on the other side of this page. The form is available online at www.window.state.tx.us under "Texas Taxes." You can also call the Comptroller’s toll-free number 1-800-252-1382 (in Austin, 463-4600), or write the Comptroller of Public Accounts, P. O. Box 13538, Austin, Texas 78711-3528.
Appraisal standards
The appraiser must view the motor vehicle in person and provide all the information requested on the appraisal form. The appraiser should identify mechanical, appearance or other factors that affect that retail value.
The form must be filled out in full. If an item does not apply, note "not applicable." Since any change to the appraisal form after completion voids the form in its entirety, please refrain from using crossed-out information.
The appraiser should keep a copy of the appraisal.
Questions
If you have questions or need more information, contact the Comptroller’s office toll-free at 1-800-252-1382 or e-mail tax.help@cpa.state.tx.us.
Publication 96-1219, Motor Vehicle Tax: Standard Presumptive Value and Calculating Tax Due on a Used Vehicle Purchase, explains the law and its provisions and is available on the Comptroller’s Window on State Government at www.window.state.tx.us.
96- 1218 (2006)
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RE: Texas Adjusters Can Now Appraise Used Cars - 9/30/2006 9:41:39 PM
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frhtexfla
Posts: 17
Joined: 3/27/2006
Home base: Austin Tx
Status: offline
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How can we make money with this opportunity? Who do we contact/ prospect with?
_____________________________
Frank Hargis
"may the four winds blow you safely home"
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RE: Texas Adjusters Can Now Appraise Used Cars - 10/1/2006 10:33:25 AM
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paigetex
Posts: 39
Joined: 4/19/2004
Home base: Pearland, TX
Status: offline
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I was wondering why Texas Comptroller sent me the new appraisal form out of the blue. The envelope was computer generated, but I didn't request such a form. Interesting.
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Paige
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RE: Texas Adjusters Can Now Appraise Used Cars - 10/1/2006 11:28:31 AM
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Wally
Posts: 8
Joined: 4/19/2004
Home base: Seabrook, TX
Status: offline
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If you are in Houston, you can advertise in the green sheet, with signs on the street corner, word of mouth or otherwise. Since this is a private sale, you have to get your name out by way of advertising.
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RE: Texas Adjusters Can Now Appraise Used Cars - 10/1/2006 11:36:18 AM
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brighton
Posts: 39
Joined: 6/10/2005
Status: offline
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Per the article in the San Antonio Express/News, there may not be much demand for the apprisal service. They interviewed a sales manager at Ancira Chevrolet and he said that in many cases the cost of the appraisal would probably be the same or more than the tax the buyer and seller were trying to get out of. That is why there is a minimum of $100.00 charge. Based on 6% tax on vehicles you would have to sell the car for at least $1,500.00 less than the 80% of value of the vehicle. The requirement as I read it was that if a vehicle was sold for at least 80% of the retail value no challange by the state would be done. If it sold for less than 80%, the appraisal need can kick in. They did say that people may possibly "give" the car to the buyer as a "gift" and pay the $10.00 gift transfer tax. The rest of the payment would be under the table.
The idea of the ruling is ok, getting the tax due, however there are always ways to circumvent it.
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