How much you're paying for personal property tax

[M1Accord]

I want to buy a newer vehicle but can't fathom the thought of paying the draconian personal property tax in Virginia. My county charges 5% of the assessed value and it is due annually on top of the sale tax. Additionally, registration and licensing is high for big vehicle. Therefore, I want to get a rough idea of what you paid if you live in VA or any area that requires such tax. A tax rate and assessed value of your vehicle would be helpful information as well. I really don't want to pay more than 400 dollars a year on property tax.

 

[ekpolk]

Every state is different. It appears you're well familiar with the rules/laws in yours. Every person's tolerance (and of course financial capacity...) is different as well.

This may not be the most helpful post, but I think you catch my drift. It's basic economics.

One more thought -- I wonder how hard the used car dealers lobby groups have worked to make and keep the law as it is in VA? Sounds like the tax structure in VA strongly favors them over the new car folks.

 

[Bill in Utah]

Here you pay a flat tax rate no matter the value of the vehicle. Just got my tags for the 2004 GMC truck and everything was $138. They base it on age.

So a new vehicle pays the same no matter if its a $400,000 car or $10,000 car as long as both are new.

Utah is expensive compared to other western states. Plenty of people go get their RVs and other vehicles registered in OR or MT since its cheaper. If you get caught there is a fine but I've only known of one person getting caught.

Each time you sell a vehicle they get a one time sales tax of 6.x percent which is a joke. It should only be taxed one time.

Bill

 

[BigCahuna]

In new jersey , you only pay tax once on a vehicle when you buy it. It doesn't matter if it's new or used.Then it's just yearly plate renewals.,,

 

[Virtuoso]

Originally Posted By: BigCahuna
In new jersey , you only pay tax once on a vehicle when you buy it. It doesn't matter if it's new or used.Then it's just yearly plate renewals.,,



Same for Nebraska. The vehicle tax is 7% IIRC. When you buy a car from a private seller, they usually write the bill of sale out for much less than you actually bought it for. Can't do that at the dealer

 

[bblank]

in Ohio it is basically a flat fee for license plates about $60. And a sales tax when purchased. There not a yearly fee based on the value of the vehicle. When fees are based on the value of the vehicle isn't that tax deductable? If so isn't that still like spending a dollar to save a penny in taxes? Other classes like commercial, recreational I'm sure pay more and have taxes and or fees are done differently .

 

[OilNerd]

Originally Posted By: BigCahuna
In new jersey , you only pay tax once on a vehicle when you buy it. It doesn't matter if it's new or used.Then it's just yearly plate renewals.,,


Close to the same way here... plus $20 County "Use" Tax every 2 years, if over 3,500 lbs.

 

[volvos_rock]

PA is 6% sales tax when purchased and for passenger cars/SUVs (registered as station wagons) $36.50 year for reg, light trucks <5000 lbs are $58.50 year.

 

[rjundi]

In NH initially its pretty high based on book value and relates to gross weight(loaded) of vehicle. After five years it quells down between state and town fees. I end up paying $140/year for a 7 year old Subaru WRX.

 

[OVERKILL]

Originally Posted By: BigCahuna
In new jersey , you only pay tax once on a vehicle when you buy it. It doesn't matter if it's new or used.Then it's just yearly plate renewals.,,


That's the way it is up here in Ontario, too.

 

[Samilcar]

Iowa's personal property tax (aka vehicle registration fees) have always been high, but were jacked up even higher a few years ago to cover a budget shortfall. We're now paying $261 yearly for a 2008 Toyota Sienna, $146 yearly for a 2003 Oldsmobile Alero, and $50 yearly for a 1993 Geo Storm.

 

[NHHEMI]

Originally Posted By: rjundi
In NH initially its pretty high based on book value and relates to gross weight(loaded) of vehicle. After five years it quells down between state and town fees. I end up paying $140/year for a 7 year old Subaru WRX.


Yup, vehicle registration fees in NH are BRUTAL the 1st 3-4 years or so. 2 years ago registration fees went up astronomically as well. Not only did it cost more to register the truck at 1 year old then when it was brand new but my boat and boat trailer reg fee both more than doubled. Still, I will take the current system of high vehicle registration and property tax vs adding a sales and income tax and still having those other fees and taxes to pay as well.

 

[Spazdog]

HOLY [cow]!!!

I guess I need to quit complaining.

Registering both of my cars costs $126.00 a year. $63.00 apiece. I think it might be done by vehicle weight. Our previous cars, a Mustang and an Eclipse GT were both the same but the Integra was $53.00 a year.

I live in an emission county so I have to pay $39.50 for state inspection. Last time I checked, non-emission counties were $12.50. (yeah...I know. I would just inspect there but I have a big TARRANT COUNTY identifier on my registration sticker and they won't do it for $12.50)

Wind powered vessels under 14' do not need to be registered. A Sunfish is 13'10".

Even with "Jerry Jones World" (Cowboys Stadium) sales tax is 8% and doesn't apply to non-preprepared food. So if you buy fresh fruits and vegetables, canned goods, fresh meat...etc... no tax. If you live in a city with public transportation, it's 8.25%


My home's property tax is higher than much of the city but I'm in a different school district (many more academically exemplary schools)

 

[kelpie]

Virginia was 3% of the NADA wholesale book value, but is discounted now for the value under 20K. Boats are excluded from the discount. I paid almost $200 for the year on my 2008 Chevy pickup truck. I always thought personal property tax was the fairest way of taxation, since cars over 5 years old are pretty cheap to keep, while an expensive new car will cost you. Now in VA they discount the PP tax, and my real estate tax has more than doubled in the last 10 years from 600 to 1500.

 

[Mr Nice]

Originally Posted By: BigCahuna
In new jersey , you only pay tax once on a vehicle when you buy it. It doesn't matter if it's new or used. Then it's just yearly plate renewals.,,


Thats how it is here in Florida.

$47.35 per vehicle for tag renewal. We do NOT have any yearly emission testing.

 

[JOD]

I moved to WA from Virginia, so I'm certainly aware of the 'personal property tax' gig. We don't have a personal property tax, just registration and them a transit authority levy which is .03%.

What's difficult though is looking at state taxes, registration fees, etc. in isolation. We pay a a high sales tax in WA when you buy your car, our gas tax is more than double yours... And on an even more broad scale, we have no state income tax but a very high sales tax; so basically, when you start talking about state taxes, I just don't think it's helpful to look at one aspect to get an idea if a tax is "high". I realize that doesn't help you when you're paying for your car tabs, but that's my view on it.

 

[hattaresguy]

My city taxes all vehicles, what a lot of people do who have homes in states with lower taxes is register them their. FL is good.

 

[M1Accord]

Originally Posted By: kelpie
Virginia was 3% of the NADA wholesale book value, but is discounted now for the value under 20K. Boats are excluded from the discount. I paid almost $200 for the year on my 2008 Chevy pickup truck. I always thought personal property tax was the fairest way of taxation, since cars over 5 years old are pretty cheap to keep, while an expensive new car will cost you. Now in VA they discount the PP tax, and my real estate tax has more than doubled in the last 10 years from 600 to 1500.


OP here. Which county are you at? We pay 5% annual property tax and I figure a slightly used Land Cruiser would run about $35k. That would be $1750 in personal property tax for one vehicle. That is a lot, considering that the county also charge licensing fee, tag fee, and registration fee. Since you and I have state income tax, unlike other states, that is a reason why I am complaining.

 

[M1Accord]

Originally Posted By: JOD
I moved to WA from Virginia, so I'm certainly aware of the 'personal property tax' gig. We don't have a personal property tax, just registration and them a transit authority levy which is .03%.

What's difficult though is looking at state taxes, registration fees, etc. in isolation. We pay a a high sales tax in WA when you buy your car, our gas tax is more than double yours... And on an even more broad scale, we have no state income tax but a very high sales tax; so basically, when you start talking about state taxes, I just don't think it's helpful to look at one aspect to get an idea if a tax is "high". I realize that doesn't help you when you're paying for your car tabs, but that's my view on it.


I'll take higher sale tax, which is controllable to a large extend, over income tax, car tax, house tax, and all those junk taxes.

Personally, I made a mistake of buying a house in VA. I should have been more mindful of these things before settling down with a house.

 

[Mr Nice]

We have no state income tax in Florida and sales tax of 6.5% in my county.