The statutory excise rate is $25 per thousand dollars of value. The value of a vehicle for the purpose of the excise is the applicable percentage for that year of the manufacturer's suggested retail price for that vehicle. The applicable percentages are set out in state law (M.G.L. c.60A, s.1) as follows:
- In the year preceding the year of manufacture: 50%
- In the year of manufacture: 90%
- In the second year: 60%
- In the third year: 40%
- In the fourth year: 25%
- In the fifth and succeeding years: 10%
Vehicles older than five years should have a fixed excise bill for succeeding years of ownership. No excise bill shall be less than $5.