Heavy duty equipment purchased from a dealer by an individual or business is subject to ad valorem tax in the year of purchase. Within 30 days of the end of the month in which the purchase was made, a return must be completed and submitted to the Tax Commissioner.
Tax is computed based on 40% of the purchase price, times the millage rate, times 33 1/3%, and is then prorated for the number of months remaining in the calendar year.
*** In no event shall the ad valorem tax due be less than $100.00 for the year of purchase.