Get a no-obligation offer for your car in minutes. Its exciting to buy a new (or new for you) car, but its also far from cheap. This also means that the fees will vary from dealership to dealership. Prescription drugs, medical equipment, prosthetic devices, wheelchairs, newspapers, college sports events, textbooks and fuel cells are all exempt. Utah law does not limit the amount of doc fees a dealer can charge. What about stocked one? Contact us. Auto sales tax and the cost of a new car tag are major factors in any tax, title, and license calculator. Collado has a Bachelors degree from the University of South Florida, with a major in Psychology and a minor in Marketing. These perks can increase a car dealership's sales and revenue while saving you money on the purchase of your new vehicle. However, many others (DE, DC, ID, LA, MA, MI, MT, NH, NM, NC, NE, TX, and WY) remain silent regarding whether, when, and in what amounts sales tax Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. Shop and compare prices at multiple dealerships before you decide on a vehicle and the price you'll pay for it. This credit phases out above a certain income level, though. 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? Please note that special sales tax laws max exist for the sale of cars and vehicles, services, or other types of transaction. . But most states charge sales tax on the full purchase amount before the rebate is . We value your feedback! 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. Vehicle price. So, now that youre caught up on everything there is to know about these dealer fees, you can have peace of mind knowing exactly what you should expect to pay when you walk out the door. You'll save on sales taxes if the selling price is higher than that amount since it's not taxed by the state. Dealers are charged freight fees from the manufacturer to move the product out of the warehouse, which means youre going to be charged a fee as well. What to Buy: Hyundai Tucson or Hyundai Santa Fe? Your feedback is very important to us. 2023 Forbes Media LLC. Doc fees cover the dealers cost for processing the paperwork for the purchase, title, and registration of the bike. Sales tax - Set by the state, you're going to be charged sales tax on your car unless you live in a state that doesn't have one. Keep in mind though that only $500 of FSA funds will roll over from year to year. This will give you the confidence to proceed with that deal or search for a better offer. Utah has a flat income tax rate. Of course, Utah taxpayers also have to pay federal income taxes. Plus, towing fees, if needed, can be extremely costly depending on the size of your recreational vehicle. Not only do you have to. Some services are also taxable, including maintenance and repair labor, laundry services, admissions fees (to movies, sporting events, ski resorts, etc. The "out-the-door price" is a dealer term for the total price of a vehicle with all of the necessary fees factored in. You can avoid monthly-payment myopia by securing preapproved car financing. Utah has a 4.85% statewide sales tax rate, Weight of mobile home. That said, it is still important to know what your monthly payment will be, especially with leasing, so make sure that you ask for that price with tax and registration fees included. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. At least 70% of any proceeds from the transaction must be used to buy stock in a qualified Utah small business within 12 months of when the sale occurred. 1 - Average DMV and Documentation Fees for Utah calculated by Edmunds.com. There are approximately 4.7 billion tons of dissolved salt in the Great Salt Lake. Sensing that you're very close to making a decision to buy, the salesperson might smile and say the magic words: "So, do we have a deal? Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. Your tax is $0 if your income is less than the 2022-2023 standard deduction determined by your filing status and whether youre age 65 or older and/or blind. If you get a vague answer about the out-the-door cost or a salesperson tells you it is impossible to calculate this figure, you should be on your guard. To qualify for this credit, your contribution cannot also have been deducted from your federal return. Do you need access to a database of state or local sales tax rates? If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. The money you put into these accounts can be used for certain medical expenses like copays. In situations where you dont have an employer to contribute the additional 50%, you may find yourself responsible for the full percentage. RV Maintenance: There are many more things that can "go wrong" in an RV than in a car. Purchase Amount $ Purchase Location ZIP Code -or- Specify Sales Tax Rate This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. Average DMV fees in Utah on a new-car purchase add up to $1541, which includes the title, registration, and plate fees shown above. For example, a $1,000 cash rebate may be offered on a $10,000 car, meaning that the out of pocket cost to the buyer is $9,000. Before you seal the deal on your new car, make sure you ask about all the fees and costs. Sales taxes in Utah range from 4.85% to 9.05%, depending on local rates. Enter household income you received, such as wages, unemployment, interest and dividends. Rebates and incentives: Customer cash rebates and other incentives reduce the purchase price of the vehicle. However, depending on the jurisdiction, additional taxes may be applied to purchases. Its your employers job to withhold federal income tax based on the information you provide on your W-4 form. 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. j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } For additional information click on the links below: Motor vehicle titling and registration Motor vehicle title penalties Local rates, which are collected at the county and city level, range from 1.25% to 4.20%. Yes. If you make $70,000 a year living in Utah you will be taxed $11,594. We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). But in Utah, youll need to be prepared to spend additional money on these extra costs. Dealer fees and taxes can add an additional $200-$2,000 onto the cost of your bike, so dont let any of these things slip your mind. Taxpayers can receive a credit of $100 per qualifying child. In addition, you cant report more than $3,000 as profit or loss from a business on a federal Schedule C. Taxpayers who arent eligible to enroll in an employer insurance plan may qualify for the health benefit tax credit. Michael Collado is a car buying expert and has been a professional automotive writer since 2009. Utah taxes on beer total 41 cents per gallon, or about 4 cents per beer. This is not an offer to buy or sell any security or interest. *Keep in mind that these are general estimates and most of these fees will vary by state and by county, so do your research! For a one-year-old car of the same worth, this tax is $1,465. The cigarette tax in Utah is $1.70 per pack of 20. Doc fees can range anything from around $100 to $500+ depending on the state and where your dealer is located. Though these fees vary based on the dealership, the average fee in Utah is $305, with no statewide limit on how much dealerships can charge. 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. These fees are separate from the sales tax, and will likely be collected by the Utah Department of Motor Vehicles and not the Utah State Tax Commission. The new W-4 comes with significant revisions. Tax, Title & Fees**Currently Unavailable Total $23,000 Estimated Monthly Payment $ 426 Shop With Budget Get Pre-Qualified Preapproval also lets you gauge whether the dealer's financing is a better deal for you. 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). 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. 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. Now that you understand why youre paying these dealers fees, find out more information on The True Cost of Motorcycle Ownership: Its More Than Just the Bike and search our nationwide inventory. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. That way, you know what youre really going to be paying. Instead, taxpayers may apply a portion of the amount they deducted from their federal return to their Utah Taxpayer Tax Credit. Are you sure you want to rest your choices? The state of Utah requires you to pay taxes if you are a resident or nonresident that receives income from a Utah source. SalesTaxHandbook is a free public resource site, and is not affiliated with the United States government or any Government agency, Sales Tax Handbooks By State | Let us know in a single click. For example, you could trade-in your old car and receive a $5,000 credit against the price of a $10,000 new vehicle, making your out-of-pocket cost only $5,000. Youll feel a lot better by studying up before you go to the dealership. Sales Tax Calculator | Dealer fees and taxes. The average effective property tax rate in Utah is the seventhth-lowest in the country. Edmunds lets you track your vehicle's value over time so you can decide when to sell or trade in. Employers also withhold federal income tax from each of your paychecks. In some places, such as Florida, it's not uncommon for buyers to pay $800 in so-called doc fees. Utah doesnt offer traditional tax deductions. Overview of Utah Taxes. Sales Tax = $1,600.80. ), hotel and motel rooms and telecom services. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. If youre ready to find an advisor who can help you achieve your financial goals, get started now. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. We read every comment! Remember that not all dealerships will advertise the bike at MSRPto include these fees, so its important to ask for the out-the-door price so you know what youre going to be paying. 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. Your average tax rate is 11.67% and your marginal tax rate is 22%. In Utah, the taxable price of your new vehicle will be considered to be $5,000, as the value of your trade-in is not subject to sales tax. This is tied for the seventhth-lowest of any U.S. state (South Carolina). Read This First. Sale of groceries and other non-prepared foods face a statewide rate of 3%. 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. Utah offers tax credits to reduce your tax liability, including a taxpayer tax credit, health benefit plan tax credit, and an at-home parent tax credit. We read every comment. You'll want to be well-informed, that way you can make the right decision when purchasing a new car in this state. There are some other state and DMV fees associated with the purchase of a vehicle in Utah. You receive the vehicle as a gift from a spouse, parent, child, grandparent, or grandchild. Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Utah, local counties, cities, and special taxation districts. This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. In addition to state and local sales taxes, there are a number of additional taxes and fees Utah car buyers may encounter. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. The good news is, you can negotiate with the sales representative at the dealership to bring down to the price of the car you want and get it within your budget. You might see additional taxes listed on the sales contract, and they're collected by the Utah Department of Motor Vehicles. While you may not have a say in how frequently your employer pays you, just remember that your paychecks will be smaller if you receive them more frequently. Most of us don't pay the entire cost of the car in cash, and we want to make sure the monthly payments are affordable. That way, you know what youre really going to be paying. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Travel: If you're buying a mobile home with the intent of traveling, don't forget to estimate campground fees, gas expenses and cost of living overhead (including everything from food to RV furniture). Vehicles purchases are some of the largest sales commonly made in Utah, which means that they can lead to a hefty sales tax bill. Pro Tip: We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). If youre thinking about moving to Salt Lake City, Ogden or anywhere else in Utah, youll want to know about local property tax rates. Negotiating on the price of the car is a simpler way to go. but also has 128 local tax jurisdictions (including cities, towns, counties, and special districts) that collect an average local sales tax of 2.115% on top of the state tax. For similar tax reasons, you may also want to utilize a health savings account (HSA) or flexible spending account (FSA). Some states consider year and weight, too. If you're financing, the out-the-door cost should also include the interest charges. })(); Yes, in Utah you must pay the car sales tax on a used vehicle. Over the last few years, there have been a number of changes made to the Form W-4 and withholding calculations. Utah Sales Tax Calculator You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. The Taxpayer Tax Credit is equal to 6% of the total of all federal deductions claimed (except for the deduction for state income taxes), plus the Utah personal exemption. What to Buy: Subaru Crosstrek or Subaru Forester? For example, if you want to withhold an extra $50 from each paycheck, simply write $50 on the corresponding line of your W-4. Utah has some of the most stringent alcohol laws in the nation. Some possible sales tax rates in Utah are: As listed by the Sales Tax Handbook, the state imposes a 6.85 percent sales tax rate on customers for purchasing a vehicle. They also state that the average combined sales tax rate of each zip code is 6.775 percent. Print Exemption Certificates. Download our Utah sales tax database! You can find information and pricing on titles and registration fees by state here. It covers mortgage rates and other important information for moving to the city. Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Utah, local counties, cities, and special taxation districts. That means the actual rates paid in Utah range from 6.1% to 9.05%. You may also be interested in printing a Utah sales tax table for easy calculation of sales taxes when you can't access this calculator. 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. According to Utah's Department of Motor Vehicles, the amount you pay in fees depends on the vehicle you buy, its fuel type, the county where you bought the vehicle, and other variables. Please limit your response to 150 characters or less. Let us know in a single click. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. How To Find The Cheapest Travel Insurance. j.dataset.calconic=true; You are negotiating on a car at the dealership when the salesperson finally gives you the good price you've wanted. What is the most important reason for that score? Vehicle Emissions Test By the same token, if you dont reside in Utah and your Utah-based income comes from a pass-through entity, you may be exempt from filing a return, as long as you dont plan on claiming any state tax credits. Please change your search criteria and try again. One-Time Checkup with a Financial Advisor. 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. Usage is subject to our Terms and Privacy Policy. So, now that youre caught up on everything there is to know about these dealer fees, you can have peace of mind knowing exactly what you should expect to pay when you walk out the door. 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. Use Edmunds Price Checker to input your specific details. Find your state below to determine the total cost of your new car, including the car tax. Much like every state, Utah has some sales tax exemptions for vehicle sales. 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. Likewise, Social Security income in Utah is taxable, but the Retirement Income Tax Credit helps alleviate the tax burden for retirees. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park . If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. And remember to ALWAYS ask for an OTD price if youre unsure! As a rule of thumb, if you live in Utah or are reporting income from a Utah source and you need to file a federal tax return, youll likely need to file a Utah income tax return as well. 2023 SalesTaxHandbook. This means that whether you file taxes as an individual, a head of the household or with your spouse, you face the same percentage of tax liability. No. Some calculators may use taxable income when calculating the average tax rate. If you have to pay taxes on capital gains, you may be eligible for a capital gains tax credit. Some places, such as wages, unemployment, interest and dividends plus, towing fees, if needed can. Diesel gasoline in Utah is $ 1.70 per pack of 20 deal or search for a one-year-old of! A used vehicle $ 70,000 a year living in Utah is $ 1,465 for things like the... Taxes, there are a resident or nonresident that receives income from a Utah source you... 4.7 percent, while the highest rate belongs to Park you are a resident or nonresident that receives from... Doc fees cover the dealers cost for processing the paperwork for the sale of cars and vehicles services. Per pack of 20 taxes on capital gains tax credit its also from! 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