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You must pay vehicle sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the car dealer or individual selling the car.
The used car sales tax is the state’s tax rate (7.25%) plus the city’s rate (2.25%), for a total of 9.5%. ... You may think you can avoid sales tax by just buying a car in a state that doesn ...
The vast majority of the taxes collected in Florida comes from the sales tax. Florida has a sales tax that you pay when you buy most goods and some services. The sales tax rate can vary depending ...
When buying an automobile, if one trades in a car, the state deducts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of $30,000 only, not the full amount of the new vehicle).
Sales and use tax is calculated as the purchase price times the appropriate tax rate. Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self assessed by a buyer who has not paid sales tax on a taxable purchase.
There are different ad valorem taxes and they are based in some cases on the ownership of real assets ( i.e. property tax), or alternatively they can be "transactional taxes": example is a sales tax. Property taxes usually are determined and collected with annual incidence, while transactional taxes take places at the time when the transaction ...
A 2005 Bentley Continental GT with a salvage title is available for purchase in Florida. It has 514,636 miles on the odometer, and is available for $6500. ... The car listed here is certainly no ...
As defined in the proposed legislation, the initial sales tax rate is 30% (i.e. a purchase of $100 would incur a sales tax of $30, resulting in a total price to the consumer of $130). Advocates promote this as a 23% tax inclusive rate based on the total amount paid including the tax, which is the method currently used to calculate income tax ...