Adjustment toVehicle’s Current Gross Market Value
A student can request to have the value of his or her vehicle(s) or those of his or her spouse as stated on the application adjusted if:
the information provided on the application form is an over-evaluation of the vehicle’s value;
- the Ministry has been unable to verify the vehicle’s value and has sent the student a letter (Notice of Vehicle Verification) to indicate that the student must document the value of a specific vehicle; or
- the Ministry has verified the vehicle’s value with the Ministry of Transportation for Ontario (MTO) and the value provided by MTO is an over-evaluation of the vehicle value due to severe damage or excessive wear.
Copy of the Motor Vehicle Appraisal form completed and signed by the student and appraiser; or
- A written and signed independent vehicle appraisal. The Ontario Ministry of Revenue Sales Tax “Motor Vehicle Appraisal Record should not be accepted unless it was completed within 60 days of purchase and the vehicle has severe damage or excessive wear. An independent appraisal provides current gross market value. If a student requests that the MTO value be adjusted downwards, the appraisal section of the form must clearly specify why the vehicle’s value is lower than the MTO value: and
- A letter of explanation from the student which identifies the vehicle (year, make, license plate number) and the reasons for which a revised value is being provided.
Note:Leased vehicles cannot have their value reduced through appraisal unless the lessee agrees (in writing) to the revised value of the vehicle.