Taxes on a new camaro?

[Mr_Draco]

Originally Posted by kd4hey

The $300 cap in SC is true, but I've heard it may soon be a thing of the past.

Yea I've heard they are changing to the 3% like NC at the start of the year with no cap.

[tjbusa]

Originally Posted by cab2g

Oh and any unlucky suckers with a Chicago address have to pay a 8.5% sales tax. yikes! I hear in if you live in South Carolina you only have to pay $300 max.

Yea, unless your buying something with a gas guzzler tax, its capped at 300.00, then they get you when you renew your tag the next year. My renewal property tax was 801.00 this year.

[Dosin]

Buy from an individual. Get two bills of sale. One that is left blank and put you paid 24,950. Illinois sales tax on vehicles under 25k is 1000 dollars. 25-30k is 1250 and over 30k is 1500 dollars. (Private sellers only) I did this and the DMV told me that if they value the car more than 24950, they will send me a letter for fair market value taxes. I am the third owner of my immaculate 2SS RS with 6500 miles; meaning I am the third person to pay taxes on this car. Illinois is making out like a bandit from my bandit (I named my car black bandit LOL).

[sad54189]

It is 6.25% in Texas and 3.25% in Oklahoma.

[spurscar]

Where are you guys hearing that SC is changing the $300 sales tax cap.

The whole point is because we are taxed on cars every year here... basically that would be double taxation because they technically call it "property" tax.

Knowing this state's government I am sure the plan is to keep both taxes.

[cab2g]

Originally Posted by spurscar

Where are you guys hearing that SC is changing the $300 sales tax cap.

The whole point is because we are taxed on cars every year here... basically that would be double taxation because they technically call it "property" tax.

Knowing this state's government I am sure the plan is to keep both taxes.

Well then I guess IL isn't that bad then. We only pay a $99/yr registration fee no matter the value of your car. So I guess we pay most of our taxes on the front end as opposed to the rear, year after year. So in the long run you're rewarded for keeping your car for a long time I guess.

[The_Blur]

Taxes are determined on where you live. If you live in an area with 8% sales tax, then you'll be paying that in taxes. Other fees are usually fixed, so add up to $500 hundred bucks to your taxes to cover the rest depending on the dealership and locality.

[danhr]

Originally Posted by Dosin

Buy from an individual. Get two bills of sale. One that is left blank and put you paid 24,950. Illinois sales tax on vehicles under 25k is 1000 dollars. 25-30k is 1250 and over 30k is 1500 dollars. (Private sellers only) I did this and the DMV told me that if they value the car more than 24950, they will send me a letter for fair market value taxes. I am the third owner of my immaculate 2SS RS with 6500 miles; meaning I am the third person to pay taxes on this car. Illinois is making out like a bandit from my bandit (I named my car black bandit LOL).

so you lied about how much you paid for your car, so you could pay less taxes

GOOD THING THAT ISN'T ILLEGAL OR ANYTHING!

on another note, the back of your title will say the price the car is sold for.

I paid 6% state sales taxe on my car, since i live in PA.

[Mr_Draco]

Originally Posted by spurscar

Where are you guys hearing that SC is changing the $300 sales tax cap.

The whole point is because we are taxed on cars every year here... basically that would be double taxation because they technically call it "property" tax.

Knowing this state's government I am sure the plan is to keep both taxes.

Technically it's not double taxation, your not paying sales tax twice. Your simply paying two separate taxes. In NC we pay 3% sales tax at time of purchase and every year we pay property tax, fire tax, and EMS tax (if you live in a city you also pay a city tax) on each vehicle.

[daphatgrant]

I paid 8% so just shy of $3K, like $2,978 plus another $125 or so for registration.

[427Carl]

Canada Province of Ontario 13 % $43,500.00 x 13% =$5655.00

[spurscar]

Originally Posted by Mr_Draco

Technically it's not double taxation, your not paying sales tax twice. Your simply paying two separate taxes. In NC we pay 3% sales tax at time of purchase and every year we pay property tax, fire tax, and EMS tax (if you live in a city you also pay a city tax) on each vehicle.

I realize that, however most states don't annually tax a depreciating asset like cars as property tax. Everyone pretty much just assumed they did that here since sales tax was capped, kind of an unwritten thing.

Then again, you know what they say when you assume something...

While technically not double taxation, it will sure feel like it.

Btw, SC - I have a TV that depreciates each year. Oh, and a camera and lenses. Furniture. Appliances. All my property.

See my point? Let's just tax actual property (house, land) like a normal state and use that for fire, roads, etc, etc. A car should just have sales tax and a small fee for plates and registration.

[cab2g]

Originally Posted by 427Carl

Canada Province of Ontario 13 % $43,500.00 x 13% =$5655.00

I promise not to complain about IL sales tax again! not after seeing that figure!!! You have to be rich to purchase a Camaro in Canada!

[Dosin]

Originally Posted by danhr

so you lied about how much you paid for your car, so you could pay less taxes

GOOD THING THAT ISN'T ILLEGAL OR ANYTHING!

on another note, the back of your title will say the price the car is sold for.

I paid 6% state sales taxe on my car, since i live in PA.

Any way to save taxes, I will. I guess it will just be less money the state of Illinois has to spend on the Blagojevich trial. I will still sleep ok at night. But keep working though. Thousands of people on welfare depend on your tax dollars.