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There are some states where the amount paid in sales tax when purchasing a car can be as little as $0. In other states, it could be more than $1,000. ... Illinois. Auto sales tax rate: 7.25% ...
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.
Additionally, local taxing authorities can impose their own sales tax. Currently, the majority of Utah's aggregate sales taxes are in the range of 6.1 – 8.35%. Utah has a 16.350% sales tax on rental cars in Salt Lake City. [198] The sales tax on food and food ingredients is 3.0% statewide.
This total included four key car expenses: (1) Car sales tax, based on rates provided by PolicyGenius; taxes were based on the average car transaction amount of $48,427 in November 2023 as ...
On November 8, 2016, Illinois voters approved the Illinois Transportation Taxes and Fees Lockbox Amendment, ... including the sales and excise tax on motor fuel, or ...
For example, sales tax in Chicago (Cook County), IL is 10.25%, consisting of 6.25% state, 1.25% city, 1.75% county and 1% regional transportation authority. Chicago ...
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.
The Illinois Department of Revenue has increased in size in line with the creation of new taxes within the state and the expansion of existing taxes. A gasoline tax was enacted in Illinois in 1927, the sales tax was enacted in 1933; the state income tax was enacted in 1969, and the first lottery tickets were sold in 1974 in the state capital of ...