61-3-504. Computation of tax. (1) The amount of taxes on a light vehicle, except as provided in subsection (2), is the percentage determined under subsection (3) of the value determined under 61-3-503.
     (2) The following are exempt from taxation under subsection (1):
     (a) a vehicle registered under 61-3-456;
     (b) a vehicle owned by a disabled veteran qualifying for one set of special license plates under 61-3-332(10)(c) or 61-3-426; and
     (c) a vehicle owned by an ex-prisoner of war under 61-3-332(10)(d) or a surviving spouse of an ex-prisoner of war under 61-3-457.
     (3) The amount of tax on fleet vehicles subject to the provisions of 61-3-318 is one-half of the percentage determined under subsection (4) of the value determined under 61-3-503.
     (4) For tax years beginning after December 31, 2000, the taxable percentage for the computation of taxes under this section is determined prior to the start of a tax year by multiplying the statewide total taxable value of motor vehicles subject to taxation under this section for the first half of the prior calendar year by the prior year tax rate and then dividing the product by the statewide total taxable value of motor vehicles subject to taxation under this section for the first half of the current calendar year. For the tax year beginning after December 31, 1999, the rate is 1.4%. To determine the rate for tax year 2001, the tax rate for the first half of calendar year 1999 is considered to be 1.4%.

     History: En. Sec. 5, Ch. 75, L. 1917; amd. Sec. 1, Ch. 207, L. 1919; re-en. Sec. 1759, R.C.M. 1921; amd. Sec. 22, Ch. 113, L. 1925; amd. Sec. 2, Ch. 181, L. 1929; amd. Sec. 1, Ch. 158, L. 1931; amd. Sec. 1, Ch. 158, L. 1933; re-en. Sec. 1759, R.C.M. 1935; amd. Sec. 1, Ch. 72, L. 1937; amd. Sec. 1, Ch. 195, L. 1953; amd. Sec. 1, Ch. 256, L. 1955; amd. Sec. 1, Ch. 223, L. 1957; amd. Sec. 1, Ch. 245, L. 1963; amd. Sec. 1, Ch. 290, L. 1967; amd. Sec. 9, Ch. 296, L. 1967; amd. Sec. 3, Ch. 214, L. 1971; amd. Sec. 12, Ch. 74, L. 1975; amd. Sec. 1, Ch. 55, L. 1977; amd. Sec. 1, Ch. 521, L. 1977; amd. Sec. 43, Ch. 566, L. 1977; R.C.M. 1947, 53-114(4); amd. Sec. 15, Ch. 712, L. 1979; amd. Sec. 32, Ch. 614, L. 1981; amd. Sec. 24, Ch. 516, L. 1985; amd. Sec. 27, Ch. 611, L. 1987; amd. Sec. 4, Ch. 517, L. 1989; amd. Sec. 3, Ch. 612, L. 1989; amd. Sec. 17, Ch. 724, L. 1991; amd. Sec. 7, Ch. 209, L. 1993; amd. Sec. 5, Ch. 257, L. 1995; amd. Sec. 8, Ch. 489, L. 1995; amd. Sec. 10, Ch. 580, L. 1995; amd. Sec. 24, Ch. 496, L. 1997; amd. Sec. 4, Ch. 79, L. 1999; amd. Sec. 2, Ch. 180, L. 1999.