1. What is SCDOR Motor Vehicle Value?

The SCDOR (South Carolina Department of Revenue) motor vehicle value represents the fair market value (FMV) used for tax assessment purposes. It's calculated as the average of comparable sales of similar vehicles in the market.

2. How Does the Calculator Work?

The calculator uses the average of comparable sales:

Where:

• \( Sale_1, Sale_2 \) — Required comparable sales prices
• \( Sale_3, Sale_4 \) — Optional additional comparable sales
• Number of Sales — Count of all entered sales (2-4)

Explanation: The calculator averages the entered sales prices to determine the fair market value for tax assessment.

3. Importance of FMV Calculation

Details: Accurate FMV calculation is crucial for determining proper vehicle tax assessments and ensuring fair taxation based on actual market values.

4. Using the Calculator

Tips: Enter at least two comparable sales prices (USD). For more accuracy, include up to four comparable sales. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What counts as a comparable sale?
A: Comparable sales should be for vehicles of the same make, model, year, and similar condition and mileage.

Q2: How many comparable sales should I use?
A: While only two are required, using three or four comparable sales provides a more accurate FMV calculation.

Q3: Where can I find comparable sales data?
A: Check dealership listings, auction results, or online vehicle marketplaces for recent sales of similar vehicles.

Q4: How does SCDOR use this FMV?
A: SCDOR uses the calculated FMV to determine the taxable value of the vehicle for property tax purposes.

Q5: Can I dispute the calculated value?
A: Yes, if you believe the calculated value doesn't reflect your vehicle's true market value, you may provide additional documentation.