M.G.L. Chapter 60A imposes an excise on the privilege of registering a motor vehicle or a trailer in the Commonwealth of Massachusetts. The excise is levied annually in lieu of a tangible personal property tax. Non-registered vehicles, however, remain subject to taxation as personal property.
“Tangible” — or physical — property that you can move easily is personal property. Tangible personal property is subject to personal property taxation unless exempt by statute. Items defined as tangible personal property range from chairs in a barber shop, to the inventory of a retail store, to drills used by a dentist to the street poles owned by a utility company.
Under the laws of the Commonwealth, all cities and towns must be certified to assess properties at their "full and fair cash value." There are a few important terms to know when dealing with tax assessments.