Vehicle Property Tax Issues

[Webbo85]

Wow, I didn't know this was a thing. We pay 6% sales tax when we buy it in PA, and we're done. We pay property tax on homes and land and that's it.

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[TaxmanHog]

Wow I never knew some states do this. So you pay 2.5% tax every year with the value depreciating every year? No initial sales tax?

6.25% sales tax on msrp net of trade in value if you have a trade in.

The city excise tax is assessed annually @ 2.5% for as long as the vehicle is registered for road use.

 

[TaxmanHog]

Or until somebody else here buys it from you and it gets reset to the NADA guide valuation again.

It's nice how quickly and unrealistically valuations are depreciated here if you keep your vehicles a long time. But if you're somebody who likes to switch vehicles frequently - even if just changing from cheap old car to cheap old car - the tax burden is pretty high.

True, though I keep my vehicles long term 10+ years.

 

[jimfigler]

6.25% sales tax on msrp net of trade in value if you have a trade in.

The city excise tax is assessed annually @ 2.5% for as long as the vehicle is registered for road use.

well that sort of stinks.

 

[Amps]

This type of tax is called "Personal Property Tax" to differentiate it from real estate taxes in Virginia.

 

[Karlos]

Don't move to Texas to avoid taxes - they're just about to throw a $200 annual EV tax on us (instead of gas tax by the mile). Only vehicle "property tax" tho is on commercial vehicles.

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