Print Exemption Certificates. Heres what to expect when it comes to taxes and fees in the state of Utah. Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. Traveling with a Pet Soon? Plus, towing fees, if needed, can be extremely costly depending on the size of your recreational vehicle. Fun & Games: Whos Really Winning the Autonomous Car Race? SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. 2023 FindtheBestCarPrice.com, Front vehicle photos 1986-2023 Autodata, Inc. dba Chrome Data. 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. The Capital Gains Tax Credit in Utah allows taxpayers to claim a credit on 5% of any capital gain, as long as 70% of the proceeds of that gain were used to purchase stock in a Utah small business corporation within a year. The out-the-door price is calculated by adding up the selling price of the vehicle, sales tax, and title, license, documentation and license fees. 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. Other filers may have different limits. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Which County Has the Highest Tax? Those are the 17th- and 15th-highest rates in the country, respectively. payments. The state uses a flat tax rate of 4.95% for all income levels and the sales tax rate is 4.85%. Oregon employs an easier fee system based on the RV's length. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. No cities in the Beehive State have local income taxes. At some dealerships, the out-the-door costs are abbreviated as "TTL fees" or tax, title and license. Multiple sources state that the tax rate is 6.85%, but we haven't been able to verify that rate on the Utah DMV site. Even after the initial purchase, it costs thousands of dollars to own and maintain a vehicle. 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. You can find these fees further down on the page. Get a quote from Dairyland >>. ", Wait. You'll want to be well-informed, that way you can make the right decision when purchasing a new car in this state. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Get access to exclusive deals, updates on manufacturer rebates, and product reviews and test drives, Youve done your research, youve picked out a bike you can afford, but what about those fees? The Utah Retirement Credit is a refundable credit available to taxpayers born on or before December 31, 1952. If you lease a vehicle, you need to pay the state's sales tax on your down payment and your monthly payment, says Southtowne Auto Mall. Please change your search criteria and try again. This credit phases out above a certain income level, though. For example, lets say that you want to purchase a new car for $30,000, you would use the following formula to calculate the sales tax: This means that your sales tax is $2,088 on a $30,000 purchase price. Tangible personal property includes physical goods, such as furniture and clothing, as well as electronically transferred products like movie downloads. Local rates, which are collected at the county and city level, range from 1.25% to 4.20%. That way, you know what youre really going to be paying. What about stocked one? Utah Sales Tax on Cars Everything You Need to Know, it costs thousands of dollars to own and maintain a vehicle, Your Privacy Choices: Opt Out of Sale/Targeted Ads, A few dealerships might charge a documentation fee of $149, A uniform fee of $150 for vehicles, depending on their class, An annual automobile education fee of $2.50 per year, An annual uninsured motorist identification fee of $1.00 per year. The credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). For a small service fee, Tax-Rates.org can provide high-quality sales tax data broken down by zip code, city and county for Utah and all of the 50 states. 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%. 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. Yes. You dont have to pay sales tax on trade-ins in Utah. The calculator will show you the total sales tax amount, as well as the county, city, and special district tax rates in the selected location. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. A financial advisor can help you understand how taxes fit into your overall financial goals. Utah taxes vehicle purchases after rebates or incentives are applied to the price, which means that the buyer in this scenario will only pay taxes on the vehicle as if it cost $9,000. . 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. IRA limits for 2023 have been escalated to $6,500, or your taxable income, for individuals under 50. j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } If you are considering purchasing a property in Utah or are looking to refinance, check out our Utah mortgage guide. So how does this approach work when your focus is on your monthly payments? Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. 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. Utah has a very simple income tax system with just a single flat rate. So What Happens When an Autonomous Car Gets Pulled Over? Calculate North Carolina Sales Tax Example. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. You can find these fees further down on the page. A primary way in which you can affect your Utah paycheck is by adjusting your withholdings. Its your employers job to withhold federal income tax based on the information you provide on your W-4 form. Weve got it all covered! Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. 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. Fortunately, many DMV websites provide registration fee calculators to help estimate the expected cost. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Are you sure you want to rest your choices? 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. 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. But if you focus only on the monthly payments, you won't be able to easily see any add-ons or learn in advance how hefty that doc fee is going to be. Usage is subject to our Terms and Privacy Policy. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. If your employer offers a 401(k) or 403(b) retirement account, you could choose to increase your contribution to it. Different requirements, fees, and taxes apply, depending on your vehicle type and other factors. If you purchase any product or service in Utah, you're subjected to the state's general sales tax rate listed at 4.85 percent. 2023 SalesTaxHandbook. All rights reserved. Tax information and rates are subject to change, please be sure to verify with your local DMV. Trade-in value. Pro Tip: If you dont pay these fees at the dealership, youre going to have to go to your nearest DMV and pay them anyways, so they are saving you a trip here. Setup (or prep) fees are necessary to get your bike out of the crate, put together, and ready for you to ride. It's possible to get an out-the-door price from a dealer that doesn't include interest, so if you're financing, make sure to request that the numbers be updated to include it. Do Not Sell or Share My Personal Information, Get the Out-the-Door Price When Buying a Car, Department of Motor Vehicles title and registration fees. It's also easier to ask the question that will reveal what you're actually going to pay for the car: the out-the-door cost. Purchase Amount $ Purchase Location ZIP Code -or- Specify Sales Tax Rate Don't shake hands just yet. The DMV collects sales taxes on many out-of-state dealer sales. Not only do you have to. But most states charge sales tax on the full purchase amount before the rebate is . For example, here is how much you would pay inclusive of sales tax on a $200.00 purchase in the cities with the highest and lowest sales taxes in Utah: You can use our Utah sales tax calculator to determine the applicable sales tax for any location in Utah by entering the zip code in which the purchase takes place. Consult the menu at left for an overview of the Utah vehicle registration process. Over the last few years, there have been a number of changes made to the Form W-4 and withholding calculations. But with a Savings or CD account, you can let your money work for you. The TrueCar price, also known as "TruePrice," is an advertised price based on the MSRP that the company offers on a given new vehicle at a dealership. Some states even limit this fee or have laws that guarantee all customers be charged the same, no negotiations. All Rights Reserved. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. Which Has the Lowest? The sales tax rules remain the same whether the car is new or used. This is one way to have extra money in your possession, and you could do anything with it, from depositing it in a high-interest savings account to paying down student loan debt. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. Dealerships may also charge a documentation fee. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. Utah has a statewide flat income tax rate of 4.85%. When estimating your total costs, don't forget to consider the costs of: Have you ever registered a motorhome? Sales taxes in Utah range from 4.85% to 9.05%, depending on local rates. Remember, a dealership may advertise a motorcycle for $8,000, but if it does not explicitly list setup fees, doc fees, taxes, and title/tags etc. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten. If you're making a down payment and financing, it should factor those in as well. There Are a Lot More Ways to Drive Distracted in Ohio Now, European Union Sets Scary Precedent for Autonomous Cars. To find out the amount of all taxes and fees for your particular vehicle, please call the DMV at (801) 297-7780 or 1-800-DMV-UTAH (800-368-8824). The average doc fee in Utah is $3051, and Enter household income you received, such as wages, unemployment, interest and dividends. Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title fees. })(); Yes, in Utah you must pay the car sales tax on a used vehicle. That way, you know what youre really going to be paying. Homeowners in Utah also pay exceptionally low property taxes, with an average effective rate of just 0.52%. . By using the Tax-Rates.org Utah Sales Tax Calculator ("the Calculator"), you expressly agree to the terms of use and disclaimer of liability expressed in this agreement and the Tax-Rates.org Terms of Service. This marginal tax rate . In turn, all filers pay the same flat rate of 4.95%. Market value of mobile home . Length of mobile home. 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. Tax rates are also available online at Utah Sales & Use Tax Rates or you can contact the Tax Commission at 801-297-2200 or 1-800-662-4335. In addition to the long-term federal capital gains tax rate of up to 20%, that can lead to a total long-term capital gains tax rate of 24.85% (and higher for short-term capital gains, which the federal government taxes as ordinary income). The fee for a first-time Nevada title is $28.25. - We regularly check for any updates to the latest tax rates and regulations. 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. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. 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. Your employer does not match this surtax. Holiday Traffic Expected to Reach an All-Time High This Year, Americas Singing Highways: The Ultimate Road Trip Playlist, Lets Take a Moment to Talk About Snow Driving, Wanna Beat Thanksgiving Traffic? Enter your IRA contributions for 2022. Descriptions of All Utah Taxes and Fees Admitted Insurer Tax Beer Tax 1999 - 2023 DMV.ORG. Do I Have to Pay Sales Tax on a Used Car? * These are the taxes owed for the 2022 - 2023 filing season. Utah law does not limit the amount of doc fees a dealer can charge. Since 2018, Utah has had a flat tax rate of 4.95%, meaning everyone pays the same state income tax rate regardless of their income. 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