Illinois Sales Tax on Car Purchases For example, there’s a state sales tax on the purchase of automobiles, which is 7.25%, and additional county taxes apply. Toyota of Naperville says these county taxes are far less and tend to range from 0.25% – 0.75%.
What is the vehicle sales tax in Illinois?
6.25%
The rate is 6.25% of the purchase price or fair market value, whichever is greater.
Do you pay tax on cars over 25 years old?
It pays to go vintage As well as generally looking fantastic, classic cars that are more than 40 years old are actually exempt from vehicle tax altogether. The exemption originally applied to any vehicle over 25 years old on the basis that they would be incapable of racking up much mileage.
Is there sales tax on a new car?
New car sales tax OR used car sales tax. Auto sales tax and the cost of a new car tag are major factors in any tax, title, and license calculator. Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title fees.
How are car sales tax and tags calculated?
When purchasing a vehicle, the tax and tag fees are calculated based on a number of factors, including: The county the vehicle is registered in. The vehicle weight. The type of license plates requested. Whether or not you have a trade-in. The state in which you live. New car sales tax OR used car sales tax.
What is the state sales tax on cars in Illinois?
Illinois collects a 7.25% state sales tax rate on the purchase of all vehicles. There is also between a 0.25% and 0.75% when it comes to county tax. In addition to state and county tax, the City of Chicago has a 1.25% sales tax. There also may be a documentary fee of 166 dollars at some dealerships.
What are the exemptions for motor vehicle sales and use tax?
Exemptions from the motor vehicle sales and use tax are: Transfer by contest, drawing or raffle (Form MVU-21) Transfer of a fire engine or ambulance (Form MVU-22) Motor vehicle, trailer or other vehicle transferred to an insurer (Form MVU-23)
