Out of state taxes and registration

[kayakmike]

Colorado is definitely MSRP, although it is discounted to 75%-85% of MSRP ...
“Registration fees include a license fee based on the weight of the vehicle and an ownership tax based on the age and taxable value of the vehicle. Ownership tax is calculated using the taxable value of the vehicle for the registration period. Taxable value is calculated with a percentage of the Manufacturer’s Suggested Retail Price. The percentage used on passenger vehicles is 85% and on cargo type vehicles 75%. Once the taxable value is established it remains on the ownership documents for the life of the vehicle.”

So looks like CO has multiple taxes, neither of which are based on the full MSRP.

• Sales tax is based on actual purchase price less trade in.
• Ownership tax is based on car value (85% of MSRP). Based on this example below it looks like that is about 1.2% ($204/$17000). Think most other states have this as a registration fee or vehicle value fee (that decreases as the vehicle gets older).

https://www.sapling.com/12009987/colorado-vehicle-registration-taxes-can-deduct-income-tax

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[GaryG]

Unless something has changed in the last 4 years, Colorado state law requires the tax to be based on MSRP .... really pisses me off.

That's not true, Colorado charges tax on the sale price after trade in. This is a recent deal I did in Lakewood, 7.5% total tax
$41200 purchase price less $20000 trade, total tax is 1627.47 or 7.5% of 21699.50

 

[Charlie]

That's not true, Colorado charges tax on the sale price after trade in. This is a recent deal I did in Lakewood, 7.5% total tax
$41200 purchase price less $20000 trade, total tax is 1627.47 or 7.5% of 21699.50

Then when you go to register it you get to pay another tax which is what DenverGladiator is referring too.

 

[o||||||o]

Just calculated what taxes would be here in NC, based on a $35,000 total sales price:
Sales tax of 6.75%=$2362.50

3% highway tax(one-time fee charged every time vehicle changes title)=$1,050

Vehicle registration and property tax(rates vary by city and county, amount based on appraised value of vehicle)=$528.24

Total=$3940.74

Rather sobering to think of having to add almost $4,000 right up front just to be able to drive off the dealer's lot!

 

[Hurley82]

Just calculated what taxes would be here in NC, based on a $35,000 total sales price:
Sales tax of 6.75%=$2362.50

3% highway tax(one-time fee charged every time vehicle changes title)=$1,050

Vehicle registration and property tax(rates vary by city and county, amount based on appraised value of vehicle)=$528.24

Total=$3940.74

Rather sobering to think of having to add almost $4,000 right up front just to be able to drive off the dealer's lot!

Brutal, thats right around what I am planning for in CO.

 

[o||||||o]

Brutal, thats right around what I am planning for in CO.

Yeah, and that was all calculated on a sales price of $35,000 (about what a Sport S would cost). Don't even want to think about the taxes and fees for $50,000-$60,000 Overland or Rubicon! Then to hear that some stealerships have a $4,000 to $5,000 markup, just because they're greedy?? If all that isn't bad enough, some local stealerships tack on anywhere from $400-$500 for "document fees." It's just crazy....

 

[GaryG]

Then when you go to register it you get to pay another tax which is what DenverGladiator is referring too.

Ya, the ownership tax, always a nice annual slap in the face. What really gets me are all the other fees, I just renewed my wife's car, here's a list of the fees
Specific Ownership Tax 426.62
Material Fee (Year Tab) 0.17
Road Safety Surcharge 23.00
Bridge Safety Surcharge 18.00
Age of Vehicle Add-on 12.00
Registration Base Fee 9.20
Clerk Hire Fee 4.00
Emergency Medical Services 2.00
County Road and Bridge 1.50
Emissions - Area Air Account 1.50
Peace Officer Standardized Training Fee 1.00
Emissions - Program Area County 0.70
Emissions - Statewide Air Account 0.50
Insurance Fee 0.50
Motorist Insurance Database Fee 0.10

The 17 cents for the sticker is the one that bugs me the most.

 

[Iron Wolfpack]

Just calculated what taxes would be here in NC, based on a $35,000 total sales price:
Sales tax of 6.75%=$2362.50

3% highway tax(one-time fee charged every time vehicle changes title)=$1,050

Vehicle registration and property tax(rates vary by city and county, amount based on appraised value of vehicle)=$528.24

Total=$3940.74

Rather sobering to think of having to add almost $4,000 right up front just to be able to drive off the dealer's lot!

Good news for you. North Carolina doesn’t collect the 6.75% sales tax on vehicles. Only the 3% highway use tax.

 

[o||||||o]

Ya, the ownership tax, always a nice annual slap in the face. What really gets me are all the other fees, I just renewed my wife's car, here's a list of the fees
Specific Ownership Tax 426.62
Material Fee (Year Tab) 0.17
Road Safety Surcharge 23.00
Bridge Safety Surcharge 18.00
Age of Vehicle Add-on 12.00
Registration Base Fee 9.20
Clerk Hire Fee 4.00
Emergency Medical Services 2.00
County Road and Bridge 1.50
Emissions - Area Air Account 1.50
Peace Officer Standardized Training Fee 1.00
Emissions - Program Area County 0.70
Emissions - Statewide Air Account 0.50
Insurance Fee 0.50
Motorist Insurance Database Fee 0.10

The 17 cents for the sticker is the one that bugs me the most.

Wow....they have an individual charge for a sticker? Talk about squeezing you for every last penny!

 

[o||||||o]

Good news for you. North Carolina doesn’t collect the 6.75% sales tax on vehicles. Only the 3% highway use tax.

Thank you for clarifying that! This would be my first vehicle purchase in North Carolina, so I wasn't aware that they don't collect the 6.75% sales tax on a vehicle purchase. I just found this link, which clarifies the fees:

https://www.salestaxhandbook.com/north-carolina/sales-tax-vehicles

Using the info. on this page, looks like the fees would be more like this on a $35,000 vehicle:

3% Highway tax--$1,050
Title--$40
Plate transfer--$15
Registration--$36
Document fees--$550
Total--$1,691

Do you happen to know when the DMV collects personal property tax on vehicles? Is it at time of purchase, or a year later when it is time to renew the registration? This would add on roughly $490 for a new $35,000 car, but that amount would presumably go down over time as the appraised value of the car drops.

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