2006 Code of Virginia § 58.1-2405 - Basis of tax

58.1-2405. Basis of tax.

A. In the case of the sale or use of a motor vehicle upon which the pricinginformation is required by federal law to be posted, the Commissioner maycollect the tax upon the basis of the total sale price shown on suchdocument; however, if the Commissioner is satisfied that the purchaser haspaid less than such price, by such evidence as the Commissioner may require,he may assess and collect the tax upon the basis of the sale price so foundby him. In no case shall such lesser price include credits for trade-in orany other transaction of such nature.

B. In the case of the sale or use of a motor vehicle which is not a new motorvehicle, the Commissioner may employ such publications, sources ofinformation, and other data as are customarily employed in ascertaining themaximum sale price of such used motor vehicles but in no case shall anycredit be allowed for trade-in, prior rental or any other transaction of likenature.

C. In the case of the sale or use of a motor vehicle, which is not a newmotor vehicle, between individuals who are not required to be licensed asdealers or salespersons under the provisions of 46.2-1508 and 46.2-1908,the Commissioner may collect the tax upon the basis of the total sale priceas established by such evidence as the Commissioner may require; providedthat if such motor vehicle is no more than five years old and is listed in arecognized pricing guide, the total sale price shall not be less than thevalue listed in such pricing guide for such vehicle, less an allowance of$1,500, unless the purchaser shall execute an affidavit under penalty ofperjury stating a lesser total sale price and declaring such sale or use tobe a bona fide transaction for full value. In using a recognized pricingguide, the Commissioner shall use the trade-in value specified in such guide,with no additions for optional equipment or subtractions for mileage, so longas uniformly applied for all types of motor vehicles. In no case shall anycredit be allowed for trade-in, prior rental or any other transaction of likenature.

(Code 1950, 58-685.15; 1966, c. 587; 1974, c. 477; 1984, c. 675; 2003, c.328.)