How to Figure Your Excise Taxes in Maine
- 1). Research the Manufacturer's Suggested Retail Price (MSRP) using the Kelley Blue Book website. Enter your vehicle's make, model and condition to obtain your vehicle's MSRP.
- 2). Figure your vehicle's age. Check your vehicle registration for your date of purchase if you do not know it.
- 3). Visit the Maine Revenue Service page for updated mil rates. Mil rate is the rate used to calculate excise tax. As of February 2011, mil rates are as follows:
YEAR 1 .0240 mil rate
YEAR 2 .0175 mil rate
YEAR 3 .0135 mil rate
YEAR 4 .0100 mil rate
YEAR 5 .0065 mil rate
YEAR 6 .0040 mil rate - 4). Multiply your vehicle's MSRP by the appropriate mil rate. For example, a four-year-old car with a MSRP of $19,500 would pay an excise tax of $195.00 in Maine.