Maine's motor vehicle excise taxes are annual taxes based on the manufacturer's suggested retail price (MSRP) and the age of the vehicle. The tax amount is higher for newer vehicles, reflecting their higher value, and decreases as the vehicle ages, reducing as the vehicle's value depreciates. This structure incentivizes the ownership of newer vehicles while ensuring continued revenue from vehicle ownership. Businesses and individuals owning vehicles must consider the age and MSRP when calculating their excise taxes, planning for annual payments accordingly. Accurate valuation based on these factors is essential for compliance and avoiding penalties.