Sec. 3. (a) This section applies to vehicles that:
(1) are registered as:
(A) passenger motor vehicles;
(B) motorcycles;
(C) collector vehicles; or
(D) trucks with a declared gross weight of eleven thousand (11,000) pounds or less; and
(2) are model years 1981 and later.
(b) The bureau shall adopt rules under IC 4-22-2 to determine the value of vehicles to which this section applies as the basis for measuring the vehicle excise tax. The rules must determine the value of a vehicle as of the time it is first offered for sale as a new vehicle in Indiana.
(c) For each vehicle, beginning with the 1990 model year, the bureau shall reduce the value determined under subsection (b) by dividing:
(1) the price determined under subsection (b); by
(2) one (1) plus the average percentage increase in new automobile prices using the most recent annual reference to the Consumer Price Index for Private New Automobiles as published by the Bureau of Labor Statistics, United States Department of Labor.
(d) The bureau shall classify each vehicle based on the value determined under subsection (c) according to the following schedule: