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According to NJ.com, the state assesses a 6.625 percent sales tax on the purchase price of any used or new vehicle. To calculate how much sales tax you'll owe, simply multiple the vehicle's price ...
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A motor vehicle lease is subject to Sales Tax unless a valid exemption applies. The person who leases the motor vehicle from the dealership (the lessee) is responsible for paying Sales Tax on the transaction. The dealership (the lessor) is responsible for collecting and remitting the Sales Tax to New Jersey. 18.
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Apr 9, 2024 · How Much Is the Car Sales Tax in New Jersey? The vehicle sales tax in New Jersey is 6.625%. There are no additional local or county tax rates in New Jersey. How to Calculate New Jersey Sales Tax on a Car. Multiply the vehicle price (after trade-ins but before incentives) by the sales tax fee of 6.625%.
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Jan 1, 2018 · Trading anything of value for a car is taxable. Example #1: A person swaps a $25,000 boat for a 2015 Honda CR-V. This is a taxable transfer. The tax is based on the Fair Market Value of the Honda, which, because of the boat’s value, is determined to be $25,000. ($25,000 x 6.625% = $1,656.25 Sales Tax due).
Sales Tax is paid to another state (including ales Tax paid to a city, S county, or other jurisdiction within a state) at a total rate less than 6. 625% on a purchase that would have been taxed in New Jersey, the purchaser owes Use Tax on the difference between the two rates. No credit is allowed for Sales Tax paid to a foreign country.
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For vehicles that are being rented or leased, see see taxation of leases and rentals. New Jersey collects a 7% state sales tax rate on the purchase of all vehicles. In addition to taxes, car purchases in New Jersey may be subject to other fees like registration, title, and plate fees. You can find these fees further down on the page.
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If the dealer is not authorized, no sales tax will be due at the purchase, but instead upon titling the vehicle. “In the event a car is purchased from a private seller, no tax is paid to the seller, Shah said. Then when the title is brought to MVC to register the vehicle, New Jersey tax, currently 6.625 percent, is due, as are title transfer ...
