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? 1999 - 2023 DMV.ORG. 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. This is true for income level as well. The state rate is 4.85%. The Qualifying Solar Project Credit is 25% of the amount paid to purchase qualifying solar units, up to a maximum of $1,600. Finding the sales tax rate for car purchases in Utah can get confusing. A financial advisor can help you understand how taxes fit into your overall financial goals. And remember to ALWAYS ask for an OTD price if youre unsure! Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. Edmunds lets you track your vehicle's value over time so you can decide when to sell or trade in. 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. All Rights Reserved. How would you rate your experience using this SmartAsset tool? 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. 2023 FindtheBestCarPrice.com, Front vehicle photos 1986-2023 Autodata, Inc. dba Chrome Data. 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 | * These are the taxes owed for the 2022 - 2023 filing season. 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. Do you have a comment or correction concerning this page? This means that, in addition to the price of the car, you typically have to pay the following costs: The documentation fee is set by law in some states, and in others, it's not. If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. You don't have to pay tax on dealer and manufacturer rebates in Utah. In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. You can find these fees further down on the page. All rights reserved. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. So What Happens When an Autonomous Car Gets Pulled Over? Subscribe to our News and Updates to stay in the loop and on the road! Title fee - You must pay a title fee in order to title the car in your name. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park City at 8.85 percent. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. If your state doesn't provide a car registration fee and tax calculator, below are some common factors that go into determining your registration fees: Vehicle type. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. Get a quote from Dairyland >>. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Do you need access to a database of state or local sales tax rates? 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. Your employer does not match this surtax. 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. The DMV collects sales taxes on many out-of-state dealer sales. If you make $70,000 a year living in Utah you will be taxed $11,594. 2023 SalesTaxHandbook. Those are the 17th- and 15th-highest rates in the country, respectively. 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. Registering Your Vehicles in Utah. Our income tax calculator calculates your federal, state and local taxes based on several key inputs: your household income, location, filing status and number of personal exemptions. Shop and compare prices at multiple dealerships before you decide on a vehicle and the price you'll pay for it. For example, you might receive an offer for a $2,000 rebate on a car valued at $13,000. Its exciting to buy a new (or new for you) car, but its also far from cheap. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. Usage is subject to our Terms and Privacy Policy. We may earn a commission for purchases made through our links. Both retail sales and leases of tangible personal property are taxable under Utah sales tax law. Please change your search criteria and try again. 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. Average Retirement Savings: How Do You Compare? 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. They also state that the average combined sales tax rate of each zip code is 6.775 percent. The cigarette tax in Utah is $1.70 per pack of 20. Get a free Edmunds appraisal report for your car in minutes, Ready to sell? When Do We Update? So how does this approach work when your focus is on your monthly payments? - We regularly check for any updates to the latest tax rates and regulations. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title fees. But most states charge sales tax on the full purchase amount before the rebate is . Are you sure you want to rest your choices? 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. Residential utilities such as gas and electricity are charged a sales tax rate of up to 6%. Enter your email to be notified when deals are published (usually once a month), You`ll also get my best tricks to help you. 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. If you believe your vehicle qualifies for an exception to Utah's title requirements that is not listed above, please call (801) 297-7780 or 1-800-368-8824 to speak to a representative for more information. Fortunately, many DMV websites provide registration fee calculators to help estimate the expected cost. This means that you save the sales taxes you would otherwise have paid on the $5,000 value of your trade-in. Consult the menu at left for an overview of the Utah vehicle registration process. Other filers may have different limits. His recognition in the ad industry includes awards from Communication Arts and The Clios. Destination charges are ultimately determined by the value of the bike, almost like a tax, and are typically not negotiable. View downloads & pricing. 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? Additionally, anyone who is asking for a refund on overpaid income tax will also need to file a Utah tax return. Purchase Amount $ Purchase Location ZIP Code -or- Specify Sales Tax Rate Collado has a Bachelors degree from the University of South Florida, with a major in Psychology and a minor in Marketing. Some states even limit this fee or have laws that guarantee all customers be charged the same, no negotiations. 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. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. All investing involves risk, including loss of principal. The good news is that Utah has some of the lowest property taxes in the country. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. 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. We value your feedback! The sales tax rules remain the same whether the car is new or used. You do not have to pay sales tax if the vehicle is gifted to you from a spouse, parent, child, grandparent, or grandchild. Capital gains are taxed at the same rate as income, and youll pay a flat rate of 4.95% regardless of how much you make. 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. No cities in the Beehive State have local income taxes. Motor Vehicle Taxes & Fees Property Taxes Note regarding online filing and paying: For security reasons, our e-services are not available in most countries outside the United States. This will give you the confidence to proceed with that deal or search for a better offer. Tax information and rates are subject to change, please be sure to verify with your local DMV. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. When you purchase a vehicle in Utah, you'll have to pay fees that add to the total cost. 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. This credit phases out above a certain income level, though. You receive the vehicle from an individuals revocable trust. Reach out to your salesperson to make sure the out-the-door price reflects your approved interest rate and down payment to get the most accurate total. Heres What Time You Should Plan on Leaving, Great Again? Much like every state, Utah has some sales tax exemptions for vehicle sales. Remember that the total amount you pay for a car (out the door price) not only includes sales tax, but also registration, and dealership fees. For taxpayers who earn above the following income thresholds, the credit begins to phase out by 1.3% until its completely eliminated. Not always. Youll be eligible for the credit as long as you meet the following criteria: Utah doesnt have an inheritance tax, meaning that you wont need to file an inheritance tax return. Sales Tax Calculator | Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. To qualify for this credit, your contribution cannot also have been deducted from your federal return. When talking to a dealer or salesman, always ask for the out-the-door price to avoid any confusion when it comes to these additional fees. According to Sales Tax States, 61 of Utah's 255 cities, or 23.922 percent, charge .css-xtkis1{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#1C5f8B;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;font-weight:bold;}.css-xtkis1:hover{color:#000000;text-decoration-color:border-link-body-hover;}a city sales tax. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. Utah has a very simple income tax system with just a single flat rate. What to Buy: Subaru Crosstrek or Subaru Forester? 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. The average doc fee in Utah is $3051, and The average doc fee in the state of Utah is $305. Enter your total 401k retirement contributions for 2022. 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. It will also help you identify any hidden fees or extras in the contract. Utah has a statewide flat income tax rate of 4.85%. 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. There is a single, flat rate paid by all income earners: 4.85% of their taxable income. Doc fees can range anything from around $100 to $500+ depending on the state and where your dealer is located. Number of cities that have local income taxes. 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. If you really want to avoid owing the IRS money come tax time, you might want to opt for an additional dollar withholding from each of your paychecks. One-Time Checkup with a Financial Advisor. Auto sales tax and the cost of a new car tag are major factors in any tax, title, and license calculator. Then, there's the vehicle sales tax and yes, this applies to private-party sales too. How to Calculate Utah Sales Tax on a Car You can calculate the sales tax in Utah by multiplying the final purchase price by .0696%. 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. As we explained above, the MSRP, or list price, is not the out-the-door price that youll be paying for the bike, and thats because of those taxes and fees. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. There are approximately 4.7 billion tons of dissolved salt in the Great Salt Lake. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. Unfortunately, we are currently unable to find savings account that fit your criteria. But know that the lowest rate in Utah is 6.1% and the highest is 9.05%. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. 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. We read every comment! Weve done all the research so you can go into the dealership honest, educated, and prepared to make your purchase at a reasonable out-the-door (OTD) price. Yes. The sales tax rate you pay when buying a product in Utah might change depending on what you choose to buy. Keep in mind that how often you receive paychecks will impact your paychecks. Property tax rates are set at a local level by each county. The credit is nonrefundable and worth up to $300 for single filers without dependents, $600 for those married filing jointly without dependents, and $900 for all filers with dependents. . This is tied for the seventhth-lowest of any U.S. state (South Carolina). Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. Your feedback is very important to us. 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, Insert details about how the information is going to be processed. Youll feel a lot better by studying up before you go to the dealership. Not only do you have to buy the bike, but an official out-the-door price will include shipping and receiving fees, setup fees, doc fees, tags/title fees, and sales tax. The sales tax rate here is also near the U.S. average. If youre thinking about moving to Salt Lake City, Ogden or anywhere else in Utah, youll want to know about local property tax rates. Utah has some of the most stringent alcohol laws in the nation. For example, if you're a single filer with an income of more than $15,095, you wont have access to this credit. In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. You can find these fees further down on the page. For similar tax reasons, you may also want to utilize a health savings account (HSA) or flexible spending account (FSA). Sales taxes in Utah range from 4.85% to 9.05%, depending on local rates. 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. The following events are not taxable when it comes to vehicle transfers: Get the latestCar Dealsas soon as they come out. 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. Thats also the only income tax youll pay, as there are no local income taxes in Utah. Determining your take-home pay can be complicated. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. Michael Collado is a car buying expert and has been a professional automotive writer since 2009. This is for vehicle tax purposes. If your employer offers a 401(k) or 403(b) retirement account, you could choose to increase your contribution to it. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. Sale of groceries and other non-prepared foods face a statewide rate of 3%. You will subtract the trade-in value by the purchase price and get $25,000. Thats because every pay period your Utah employer will deduct money from your wages for a variety of reasons. We read every comment. 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. 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. Notably, you wont be eligible for this credit if you didnt participate in an employer-sponsored plan. 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. This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. Utah has a flat income tax rate. Taxable income is calculated by subtracting all personal exemptions from total income. Keep in mind that some purchases may be exempt from sales tax, and others others may be subject to special sales tax rates. The basic DMV fees, like the title, license plate, and registration fees, are no biggie. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. Need affordable motorcycle insurance? The article called "What New Car Fees Should You Pay?" A financial advisor can help you understand how taxes fit into your overall financial goals. Thank you for your answer! 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