The "taxable value" is the original sales price of the vehicle when it was new. I have six vehicles I buy plates for each year.

My 94 Suburban was $117 this year and I drove 200 miles all year. Add to that insurance and the diesel requiring E testing every year. Even though it's paid for, I think my monthly rent payment just to "own it" is getting a little high. The odometer did turn 49K miles this year though.