Oklahoma law provides that vehicle excise tax is based on the purchase price of a vehicle, excluding any trade-in adjustment and provided the purchase price is within twenty percent (20%) of the average retail value for that model of vehicle. If the purchase price was not within 20% of the average, a taxable value is assigned equal to the nearest acceptable price within the value range for that model. In such situations, the taxable value may be higher or lower than the actual purchase price, depending upon whether the price presented exceeded the highest or lowest limits of acceptable value for that model vehicle. Please note, no taxable value adjustment is made for the condition (mileage, damage, etc.) of a particular vehicle.