THE BEST USED SUVS UNDER $10,000 We looked into price, reliability, features, and more to create this list of the best used SUVs under $10k on the market today. Edmunds lets you track your vehicle's value over time so you can decide when to sell or trade in. So how does this approach work when your focus is on your monthly payments? Subscribe to our News and Updates to stay in the loop and on the road! Need affordable motorcycle insurance? Do you need access to a database of state or local sales tax rates? In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. Use Edmunds Price Checker to input your specific details. Traveling with a Pet Soon? Not entirely sure why youre paying these fees? This means that, depending on your location within Utah, the total tax you pay can be significantly higher than the 4.85% state sales tax. Are you sure you want to rest your choices? Each DMV governs differently, using one, some, or all of the following criteria for determining registration fees for motor homes: Age of mobile home. In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. Before making the move, youll also want to take a look at our Utah mortgage guide, where youll find plenty of information about rates and getting a mortgage in the Beehive State. Another option that may work for you if you want to reduce your tax bill is to put more of your paycheck into pre-tax accounts. Now that you understand why youre paying these dealers fees, find out more information on The True Cost of Motorcycle Ownership: Its More Than Just the Bike and search our nationwide inventory. Your location will determine whether you owe local and / or state taxes. Average Retirement Savings: How Do You Compare? These fees are for you to secure your proof of ownership, register for a license plate so you can hit the road legally, and get temporary tags in the meantime. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). 2023 SalesTaxHandbook. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. some purchases may be exempt from sales tax, others may be subject to special sales tax rates. Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. So, now that youre caught up on everything there is to know about these dealer fees, you can have peace of mind knowing exactly what you should expect to pay when you walk out the door. Your average tax rate is 11.67% and your marginal tax rate is 22%. For example, if you want to withhold an extra $50 from each paycheck, simply write $50 on the corresponding line of your W-4. Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. Dealerships apply extra fees, sometimes referred to as doc fees, with the sale of the car. According to Sales Tax States, 61 of Utah's 255 cities, or 23.922 percent, charge .css-xtkis1{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#1C5f8B;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;font-weight:bold;}.css-xtkis1:hover{color:#000000;text-decoration-color:border-link-body-hover;}a city sales tax. How to Calculate Utah Sales Tax on a Car You can calculate the sales tax in Utah by multiplying the final purchase price by .0696%. However, depending on the jurisdiction, additional taxes may be applied to purchases. Get a quote from Dairyland >>. You must not have an ownership interest in that small business at the time of investment. Please change your search criteria and try again. But in Utah, youll need to be prepared to spend additional money on these extra costs. This means that you save the sales taxes you would otherwise have paid on the $5,000 value of your trade-in. All credits are subtracted directly from total income tax liability. You might be using an unsupported or outdated browser. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Utah, local counties, cities, and special taxation districts. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. The transaction must have occurred after Jan. 1, 2008. (optional). Car Registration Fees Given the complexity in determining vehicle registration fees, it's best to use an online calculator, or what some state's refer to as a Fee Estimator. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. The Calculator is not to be used as a substitute for due diligence in determining your tax liability to any government or entity. If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. Utah law does not limit the amount of doc fees a dealer can charge. The vehicle license tax is the most expensive, which we have calculated above for $100,000 worth of a new car ($1,680). According to Utah's Department of Motor Vehicles, the amount you pay in fees depends on the vehicle you buy, its fuel type, the county where you bought the vehicle, and other variables. shows what you can expect to spend in doc fees depending on your state. When combined with the state rate, each county holds the following total sales tax: Apache County - 6.1 percent Maricopa County - 6.3 percent Cochise County - 6.1 percent Pinal County - 7.2 percent Gila County - 6.6 percent Greenlee County - 6.1 percent Pima County - 6.1 percent Thank you for your answer! Do you have a comment or correction concerning this page? Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. We provide sales tax rate databases for businesses who manage their own sales taxes, and can also connect you with firms that can completely automate the sales tax calculation and filing process. Click here to get more information. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. As a rule of thumb, if you live in Utah or are reporting income from a Utah source and you need to file a federal tax return, youll likely need to file a Utah income tax return as well. Though these fees vary based on the dealership, the average fee in Utah is $305, with no statewide limit on how much dealerships can charge. Utah has a 4.85% statewide sales tax rate, Heres what to expect when it comes to taxes and fees in the state of Utah. Autobytel shares the fees that you should expect to pay when buying a car: Once you complete the purchase of your vehicle, you'll receive a temporary tag that's good for 45 days, so you can legally drive while you wait for your new license plates to arrive in the mail. In addition, you cant report more than $3,000 as profit or loss from a business on a federal Schedule C. Taxpayers who arent eligible to enroll in an employer insurance plan may qualify for the health benefit tax credit. Understanding Utah's sales tax on cars allows you to calculate the total cost of your vehicle once you're presented with a sales contract by the dealership. It does not include other fees, such as sales tax, title, license and registration fees, so you'd still want to ask for the out-the-door price. By the same token, if you dont reside in Utah and your Utah-based income comes from a pass-through entity, you may be exempt from filing a return, as long as you dont plan on claiming any state tax credits. In situations where you dont have an employer to contribute the additional 50%, you may find yourself responsible for the full percentage. If your total itemized deductions are less than the standard deduction, the calculator will use the standard deduction. In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. Fun & Games: Whos Really Winning the Autonomous Car Race? Registration Fee Details Registration Fee Details The Utah Educational Savings Plan Credit is equal to 5% of the contributions made to each plan over the course of the year, up to a maximum of $102.47 per qualified beneficiary, or $204.93 for joint filers. We urge you to notify us of any errors in the Calculator or our data. It covers mortgage rates and other important information for moving to the city. Those are the 17th- and 15th-highest rates in the country, respectively. Market value of mobile home . Why? A primary way in which you can affect your Utah paycheck is by adjusting your withholdings. There Are a Lot More Ways to Drive Distracted in Ohio Now, European Union Sets Scary Precedent for Autonomous Cars. For taxpayers who earn above the following income thresholds, the credit begins to phase out by 1.3% until its completely eliminated. What to Buy: Subaru Crosstrek or Subaru Forester? Therefore, your car sales tax will be based on the $25,000 amount. Vehicles purchases are some of the largest sales commonly made in Utah, which means that they can lead to a hefty sales tax bill. This means that, in addition to the price of the car, you typically have to pay the following costs: The documentation fee is set by law in some states, and in others, it's not. SmartAssets free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. All rights reserved. Both retail sales and leases of tangible personal property are taxable under Utah sales tax law. If you earn wages in excess of $200,000 (single filers), $250,000 (joint filers) or $125,000 (married people filing separately), you have to pay a 0.9% Medicare surtax. This credit phases out above a certain income level that's dependent on your filing status. Heres What Time You Should Plan on Leaving, Great Again? All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. Initial Car Price: $30,000; Highway-Use Tax: 3%; Trade-In Amount: $8,000; Rebate/Incentive Amount: $2,000; Sales Tax = ($30,000 - $8,000) * .03 Sales Tax = $660. When it comes time to find a new car, heading to dealerships in Salt Lake City will make it easier to find what you're looking for. It allows you to see all aspects of the car deal in one place and gives you a complete picture of what you're paying. This is for vehicle tax purposes. Sales Tax Calculator | you need to consider those fees in order to get an accurate OTD price. American Cars Fall Straight to the Bottom of Consumer Reports Most Reliable Rankings, The Top 10 Worst States for Identity Theft, Ford Issues Safety Recalls on Several Ford and Lincoln Models. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. In such a scenario, the dealership could quote an attractive price for the car, knowing it would make a profit once it applied the $800 doc fee. There are no guarantees that working with an adviser will yield positive returns. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park City at 8.85 percent. Contact us. IRA limits for 2023 have been escalated to $6,500, or your taxable income, for individuals under 50. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Your feedback is very important to us. For our examples in this article, we'll use the average combined rate of 6.96%. })(); Yes, in Utah you must pay the car sales tax on a used vehicle. However, you can get a tax credit of up to $7,500 from the Federal government. The statewide average effective tax rate, which is the total amount of taxes paid each year as a percentage of a homes market value, is just 0.52%. Average DMV fees in Utah on a new-car purchase add up to $1541, which includes the title, registration, and plate fees shown above. Liquor and wine can only be purchased in state-run liquor stores. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAssets free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. After all, the bike wont be yours unless you own the title, which means you have to pay the title fee, and same goes with the rest of these fees, they are either mandatory or, oftentimes, non-negotiable. Negotiating on the price of the car is a simpler way to go. Customer Service - If you would like to leave any feedback, feel free to email info@smartasset.com. - We regularly check for any updates to the latest tax rates and regulations. For instance, you can trade-in your old vehicle at the dealership and earn a $5,000 credit to put toward the purchase of a newer vehicle that costs $11,000, making the total selling price equal to $6,000. Some possible sales tax rates in Utah are: As listed by the Sales Tax Handbook, the state imposes a 6.85 percent sales tax rate on customers for purchasing a vehicle. And of course, you always need to pay the government. Which means yes, these charges are also mandatory. You can find these fees further down on the page. Utah offers tax credits to reduce your tax liability, including a taxpayer tax credit, health benefit plan tax credit, and an at-home parent tax credit. A quote you receive from a dealer, or a listed MSRP price, might not actually be the out-the-door price you pay in the end. Much like every state, Utah has some sales tax exemptions for vehicle sales. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. Contributions come out of your pay before taxes do, so youre lowering your taxable income while simultaneously saving for your retirement. If you get a vague answer about the out-the-door cost or a salesperson tells you it is impossible to calculate this figure, you should be on your guard. Weight of mobile home. Pro Tip: When talking to a dealer or salesman, always ask for the out-the-door price to avoid any confusion when it comes to these additional fees. As of 2020, the current county sales tax rates range from 0.25% to 2%. To qualify for this credit, your contribution cannot also have been deducted from your federal return. Vehicle price. You don't have to pay tax on dealer and manufacturer rebates in Utah. Other filers may have different limits. Some dealerships may also charge a dealer documentation fee of 149 dollars. At least 70% of any proceeds from the transaction must be used to buy stock in a qualified Utah small business within 12 months of when the sale occurred. * These are the taxes owed for the 2022 - 2023 filing season. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park . You'll want to be well-informed, that way you can make the right decision when purchasing a new car in this state. The fee for a first-time Nevada title is $28.25. This is not an offer to buy or sell any security or interest. How much to expect in fees and taxes? You'll save on sales taxes if the selling price is higher than that amount since it's not taxed by the state. 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