Market Pricing

Charles Oliver | October 5, 2006

In Texas, it doesn't matter how much you paid for a used car, the state knows better. Under a law passed earlier this year, the state sales tax on used car purchases will be determined by the "standard presumptive value" of the car, determined by the state, not on the purchase price. "It's going to be a little bit of a shock to some people. We might have to charge them a lot more if the vehicle is valued higher," said Betsy Price, Tarrant County tax assessor-collector told the Fort Worth Star-Telegram.