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Guam Legislature advances bill to tax vehicle transfers based on bill of sale, sponsor says it will reduce abandoned vehicles
Summary
The Legislature moved Bill 88-38 COR forward after sponsors said replacing Kelley Blue Book valuations with the bill-of-sale price will make vehicle transfer taxes fairer, reduce abandoned vehicles and streamline DMV processing.
Bill 88-38 COR moved to the voting file after lawmakers debated whether vehicle title transfer taxes should be assessed on the price recorded in a notarized bill of sale rather than on Kelley Blue Book (KBB) valuations.
Sponsor Senator Taidegui described the bill as “a measure that seeks to bring long overdue fairness, clarity, and modernization” to Guam’s vehicle transfer tax system and said KBB “was never intended to be gospel.” She and cosponsors argued that KBB values often overstate vehicle worth in Guam because salt air, climate and high mileage depress market prices on-island, producing higher tax bills for working families.
The bill would repeal and reenact the vehicle-transfer tax chapter and require taxes imposed at title transfer to be…
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