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If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
On May 14, 2020, Hamilton County voters passed Issue 7, which switches the source of SORTA funding to a sales tax levy of 0.8 percent. The sales tax in Hamilton County raised to 7.8% and the Cincinnati earnings tax was eliminated. The levy is projected to generate $130 million a year, which will be split 100/30 between Metro and road ...
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%. If you spend $20,000 on a used car, you’re paying $1,900 in sales tax.
Voters decided last November to sell Cincinnati's city-owned railroad to Norfolk Southern for $1.6 billion. During the campaign, city officials said the sale of the railroad would prevent the need ...
Ohio is #24 in average property taxes at 3.016% of personal income, but the taxes vary by city and district. The state is #29 in overall average percentage of income used for sales, excise, and gross receipt taxes at 3.234%. [230] Below are the simple personal income tax rates for Ohio: [229]
The costs of extended litigation weakened the Cincinnati Incline Plane Company, which was eventually absorbed by CincinnatI Street Railway. [11] The city was also home to one of the country's larger streetcar manufacturers, the Cincinnati Car Company, which produced street-, interurban and rapid transit cars from 1902 until about 1931. [8]: 421
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After lamenting the $20,000 sales tax bill he paid when he bought his Lamborghini Urus, he said that if he'd just bought the car in Montana — where there's no sales tax — he could have saved ...