Personal Property Tax and New 4Runner

[ModernDay4Runner]

I took delivery of my TRD Sport Premium on March 27. My locality requires us to pay personal property tax for our vehicles.

I downsized from two vehicles to one when I bought this new 4Runner of mine in part due to taxes and insurance. I knew my tax would rise significantly when selling my 2016 SR5 but ......basically, I am paying $5 per day for the privilege of owning a vehicle in this city.

Does anyone care to share what they are paying for personal property tax on their 4Runner? Wait, if it less than mine, do not reply, I only want to hear from people paying more than me. LOL

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[HVLA]

That is ridiculous. Property tax on the home you own is bad enough.

 

[Dead Horse]

In OK, you pay 4.5% on new cars, then it's like 90 bucks a year after that...Going down each year as the vehicle ages.

Downside - I live in OK.

 

[Archer]

What is this yearly tax that you speak of? Pa. has a 6% at purchase.




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[zgreen]

Luckily, no taxes in Montana!

 

[Nodak]

yeah i learned being in GA back in the 80s what an AD VALOREM tax was on a vehicle. luckily i moved to a state where they only have a flat 5% take on new adjusted sale price (trade in helps save a lot in regards to this).

i remember when i bought a 84 cressida the tax was like $400 and then depreciated after that since its based on the value of the vehicle not the sale price.

this was on top of the registration fee and special plate fee.

at least in ND its based on weight and value of the vehicle and age (i pay like $169 for our 23 tundra which includes the $25 for a special plate and for the 14 4R Limited i pay $97 for the registration and the included special plate cost)


and dont get me on the insurance cost difference from going to GA to ND, it was like night and day.

i pay $83/m for the tundra and $66/m for the 4R with a $7 month 1 mil rider.

oh and grandfathered $100 deductible all around being in ND and old age

 

[ModernDay4Runner]

What is this yearly tax that you speak of? Pa. has a 6% at purchase.




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We also pay state sales tax upon purchase of a vehicle but this tax I speak of is assessed annually to help fund the local government. When I was on Active Duty, I was exempt but I have long since retired from the miliary and have been paying tax this on my cars and boat ever since leaving the military. This new 4Runner of mine happens to be the most expensive vehicle I've owned, hence the sticker shock when I received my new bill. That said, I knew how to calculate the tax, so it is not a total surprise, but still a bit of a shock.

How Vehicles Are Assessed
Assessments are based on the clean loan value listed in N.A.D.A. (National Automobile Dealers Association) Official Used Car Guide. The minimum assessment is $200.


Due to the COVID-19 pandemic, fair market values of automobiles and trucks model years 2003-2021 have increased at an average of 33%. In previous years, your tax bill would be calculated at the 100% figure of the assessment. For tax year 2022, city council, in agreement with the Commissioner of the Revenue, has passed an amendment to reduce the assessment ratio to be 75% of the assessment figures reported by our approved assessing guide NADA. This will only affect automobiles and trucks model years 2003-2021 assessed by NADA. While this may produce a decrease in the tax bill for many vehicles, some tax bills will increase due to the increased NADA values causing higher assessments.

 

[lockwoodjd]

In Virginia, because my husband is a 100% disabled military vet, we are exempt from this tax on one vehicle. They charge us every six months and the last bill that came in for three cars, (all over 10 years) was around $260.

 

[4RunnerTony]

I moved to FL several years ago from Calif. Not sure if this still applies but when I lived there you would pay sales tax (10%) on the full price of the vehicle purchased with no deduction for the trade in and in addition pay an annual registration tax starting upon purchase. However, I also owned a small 19 foot boat. Pay sales tax, annual registration fee with DMV on the boat and trailer and annual property tax to the County Recorder same as property tax on real estate.

 

[SouthCoast]

Wow, talk about getting screwed by the local government. Might be time to exit said state...

In Tx, we have a 6.25% sales tax on new vehicles, but after that, it’s an annual registration cost of $75 ish, depending on the vehicle…

 

[Dr_Al]

NH has taxes like that. No sales tax but you pay the state to register the vehicle every year. The towns collect a registration fee of 1.8% of the vehicle's value but they don't call it a tax. 4.5% yearly tax would be brutal.

 

[papadop88]

Hi! California has entered the chat...

 

[get.outside.75]

Wow, talk about getting screwed by the local government. Might be time to exit said state...

In Tx, we have a 6.25% sales tax on new vehicles, but after that, it’s an annual registration cost of $75 ish, depending on the vehicle…

You are just paying more upfront. I pay yearly car property tax but only paid 3% sales tax. It would take a decade for us to reach the same 6.25% you paid. It all evens out (unless you are in CA).

 

[CrispyTacoLover]

You are just paying more upfront. I pay yearly car property tax but only paid 3% sales tax. It would take a decade for us to reach the same 6.25% you paid. It all evens out (unless you are in CA).

Do you get tax credit on trade-in?

 

[get.outside.75]

Do you get tax credit on trade-in?

sales tax, no. Property tax for the year might be pro-rated but I can’t remember.

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