Illinois Sales Tax on Car Purchases: Illinois collects a 7.25% state sales tax rate on the purchase of all vehicles.
How do you figure sales tax on a car in Illinois?
Determine tax rate: Once you have your taxable value, determine the tax rate defined by your city, county, and state. Multiply: Multiply your tax rate by your taxable value, which gives you the amount of sales tax you will pay on the vehicle.
How much is tax title and license on a car in Illinois?
Standard tax, title and license fees charged on a new vehicle in Illinois are as follows: Sales Tax: 7.25% (additional county taxes may also apply) Title Fee: $150. License and Registration Fee: $151.
What is the sales tax on a car in Cook County IL?
9.5% in the city of Chicago. 8.25% in suburban Cook County. 7.25% outside of Cook County and Chicago. An additional $15 new vehicle county flat fee for cars and SUVs.
How do you calculate sales tax on a car?
To calculate the sales tax on your vehicle, find the total sales tax fee for the city. The minimum is 7.25%. Multiply the vehicle price (before trade-in or incentives) by the sales tax fee. For example, imagine you are purchasing a vehicle for $20,000 with the state sales tax of 7.25%.
Do you pay sales tax on a used car in Illinois?
If you’re buying a new or used car, it’s important to know the taxes and fees you may have to pay. Illinois tax on new and used vehicles is generally 6.25% but can vary by location.
Who pays sales tax when selling a car privately in Illinois?
The buyer must pay $95 to the Secretary of State, and a tax to the Department of Revenue. For vehicles worth less than $15,000, the tax is based on the age of the vehicle.
Do I have to pay taxes twice if I buy a car out of state?
Do I have to pay taxes twice if I buy a car out of state? No, you will only pay taxes once to the state where you register the car. If you buy from a dealer they will often collect this for you and remit to your home state.
Do you pay sales tax on a car?
Sales tax. When you purchase or lease a new or used car, you’ ll probably have to pay a sales tax or use tax. Buying a car out of your state typically won’t save you from paying a sales tax. You must follow the tax rules of the state where you register the vehicle and pay any taxes when you bring the car back home.
Do you have to pay taxes on a car you buy from a private owner?
When you purchase a vehicle through a private sale, you must pay the associated local and state taxes. In most states, you’ll need to bring your Bill of Sale and signed title to the Department of Motor Vehicles (DMV) or motor vehicle registry agency to pay your taxes and obtain your registration, new title, and plates.
What is the new car tax 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.
How do I figure out sales tax?
Multiply the cost of an item or service by the sales tax in order to find out the total cost. The equation looks like this: Item or service cost x sales tax (in decimal form) = total sales tax. Add the total sales tax to the Item or service cost to get your total cost.