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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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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).
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.
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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Oct 1, 2024 · In early 2025, Sales and Use Tax filers and tax preparers will experience a convenient way to interact with New Jersey's tax-filing system via a new taxpayer portal. Learn More New Jersey assesses a 6.625% Sales Tax on sales of most tangible personal property, specified digital products, and certain services unless specifically exempt under New Jersey law.
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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 by 0.06625. For example, a $15,000 car will cost you $993.75 in state sales tax. Car buyers in New Jersey also need to pay title transfer and ...