TAVT Rate Evaluation
The Department of Revenue has announced that the TAVT rates for 2016, 2017, and 2018 will not change and remain at 7%.
In calendar years 2015, 2018, and 2022 respectively, the law requires the Department of Revenue to evaluate title ad valorem tax (“TAVT”) revenues to determine if the TAVT rate will change for the calendar year following the year of the calculation. The law sets forth the specific methodology to be followed by the Department in determining whether the rate is to change or stay the same.
Please see the attached bulletin for details.