This credit phases out above a certain income level that's dependent on your filing status. How To Find The Cheapest Travel Insurance. Utah offers two temporary permits, a 96-hour permit that costs $2.50, and a 15-day permit for $6. Fortunately, many DMV websites provide registration fee calculators to help estimate the expected cost. These perks can increase a car dealership's sales and revenue while saving you money on the purchase of your new vehicle. Please change your search criteria and try again. It does not include other fees, such as sales tax, title, license and registration fees, so you'd still want to ask for the out-the-door price. 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. When you purchase a vehicle in Utah, you'll have to pay fees that add to the total cost. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. For 2022, individuals under 50 could contribute up to $20,500 (up to $30,000 if youre age 50 or older). Do you have a comment or correction concerning this page? Choose the filing status you use when you file your tax return. We read every comment! Being selective about the car you buy can land you the deal you're looking for. Not entirely sure why youre paying these fees? 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. 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. Sales tax jurisdiction rules can sometimes be too complicated to describe rate areas by zip code, so this calculator is provided for reference purposes only. This also means that the fees will vary from dealership to dealership. The good news is that Utah has some of the lowest property taxes in the country. j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } 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. In most cases, when you ask for the out-the-door cost, the salesperson knows exactly what you mean. Why? , but an official out-the-door price will include shipping and receiving fees, setup fees, doc fees, tags/title fees, and sales tax. Contact us. If youre ready to find an advisor who can help you achieve your financial goals, get started now. You will subtract the trade-in value by the purchase price and get $25,000. The Edmunds content team brings you industry-leading vehicle reviews, news and research tips that make it easier for you to find your perfect car. Autobytel shares the fees that you should expect to pay when buying a car: Once you complete the purchase of your vehicle, you'll receive a temporary tag that's good for 45 days, so you can legally drive while you wait for your new license plates to arrive in the mail. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. Thats also the only income tax youll pay, as there are no local income taxes in Utah. There are no guarantees that working with an adviser will yield positive returns. 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. Use Edmunds Price Checker to input your specific details. 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 credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). Take a look - some of the best used SUVs have gone mostly overlooked or forgotten. Some services are also taxable, including maintenance and repair labor, laundry services, admissions fees (to movies, sporting events, ski resorts, etc. Thank you for your answer! If you make $70,000 a year living in Utah you will be taxed $11,594. ), hotel and motel rooms and telecom services. Enter your IRA contributions for 2022. For additional information click on the links below: Motor vehicle titling and registration Motor vehicle title penalties Much like every state, Utah has some sales tax exemptions for vehicle sales. 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. 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. You might see additional taxes listed on the sales contract, and they're collected by the Utah Department of Motor Vehicles. What to Buy: Hyundai Tucson or Hyundai Santa Fe? Some dealerships may also charge a dealer documentation fee of 149 dollars . 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. 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. 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. That way, you know what youre really going to be paying. A financial advisor can help you understand how taxes fit into your overall financial goals. Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. Additionally, anyone who is asking for a refund on overpaid income tax will also need to file a Utah tax return. For any trade-in, you'll pay sales tax on $5,000. What is the most important reason for that score? For example, if you're a single filer with an income of more than $15,095, you wont have access to this credit. Download our Utah sales tax database! 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. Dealerships may also charge a documentation fee or "doc fee", which covers the costs incurred by the dealership preparing and filing the sales contract, sales tax documents, etc. you need to consider those fees in order to get an accurate OTD price. There are other factors which determine the final cost of registering a vehicle including fees for license plates and VIN inspections. The "out-the-door price" is a car business term for the total price of a vehicle with all of the necessary fees factored in. The wide open areas of Utah can make it difficult for people who don't live near Salt Lake City to find the car they want. For 2022, you could contribute up to $6,000, or up to $7,000 if youre age 50 or older. 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. Utah Gas Tax. Enter your financial details to calculate your taxes, Find a Savings or CD account that works for you. When Do We Update? 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. 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%. 2023 Forbes Media LLC. 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. And of course, you always need to pay the government. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. Many dealerships allow you to trade-in your old car in exchange for a credit applied to the price of a new vehicle. Things like sales tax and other fees are often forgotten about in the excitement of making a new car purchase. 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. Previously, Collado was a copywriter at the ad agency TBWA/Chiat/Day where he worked on brand campaigns for Nissan, ABC Television, Sony PlayStation, and Energizer. 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. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Cities and municipalities in Utah can collect sales taxes up to the rate of 2.1 percent. Some of this money goes to FICA taxes and federal income taxes. Preapproval also lets you gauge whether the dealer's financing is a better deal for you. Most states do provide some guidance as to whether sales tax (possibly including title and registration fees) should be included in the payment of auto total loss claims. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. Thank you for your answer! You are negotiating on a car at the dealership when the salesperson finally gives you the good price you've wanted. 1 - Average DMV and Documentation Fees for Utah calculated by Edmunds.com. 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. 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. Of course, Utah taxpayers also have to pay federal income taxes. Traveling with a Pet Soon? We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. This means that you save the sales taxes you would otherwise have paid on the $5,000 value of your trade-in. 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. 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. Some states consider year and weight, too. If you make $70,000 a year living in Utah you will be taxed $11,594. Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title fees. 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. Auto sales tax and the cost of a new car tag are major factors in any tax, title, and license calculator. Utah has a flat income tax rate. We urge you to notify us of any errors in the Calculator or our data. What is Find the Best Car Price and Why is it Free? 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. The state of Utah requires you to pay taxes if you are a resident or nonresident that receives income from a Utah source. We read every comment. In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. What about stocked one? The vehicle license tax is the most expensive, which we have calculated above for $100,000 worth of a new car ($1,680). 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. Dealer fees and taxes. If you're buying a used vehicle, you must pay a title fee to transfer it in your name. You can do this on your own, or use an online tax calculator. Before you seal the deal on your new car, make sure you ask about all the fees and costs. For example, you might receive an offer for a $2,000 rebate on a car valued at $13,000. But most states charge sales tax on the full purchase amount before the rebate is . Some calculators may use taxable income when calculating the average tax rate. That means the actual rates paid in Utah range from 6.1% to 9.05%. The average doc fee in Utah is $3051, and 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. 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. 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. Usage is subject to our Terms and Privacy Policy. If youre ready to find an advisor who can help you achieve your financial goals, get started now. Do I Have to Pay Sales Tax on a Used Car? Depending on where you live in Utah, your level of tax burden can vary a bit. The Alta Ski Area gets over 500 inches of snow per year. (optional). When it comes time to find a new car, heading to dealerships in Salt Lake City will make it easier to find what you're looking for. That way, you know what youre really going to be paying. The credit can be up to $450, or $900 for joint filers. Which means yes, these charges are also mandatory. Don't shake hands just yet. 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 | In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. As of 2020, the current county sales tax rates range from 0.25% to 2%. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. Utah has a very simple income tax system with just a single flat rate. When combined with the state rate, each county holds the following total sales tax: Apache County - 6.1 percent Maricopa County - 6.3 percent Cochise County - 6.1 percent Pinal County - 7.2 percent Gila County - 6.6 percent Greenlee County - 6.1 percent Pima County - 6.1 percent These fees are for you to secure your proof of ownership, register for a license plate so you can hit the road legally, and get temporary tags in the meantime. Not always. 2023 SalesTaxHandbook. The transaction must have occurred after Jan. 1, 2008. You can find information and pricing on titles and registration fees by state here. The destination charge may cover the cost to get your bike to the dealer, but whos going to put your bike together? 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. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. If you are considering purchasing a property in Utah or are looking to refinance, check out our Utah mortgage guide. Sales Tax = ($30,000 - $5,000 - $2,000) * .0696 Print Exemption Certificates. We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). Utah law does not limit the amount of doc fees a dealer can charge. Term Length Summary Vehicle Price $25,000 Down Payment - $2,000 Est. 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 effective property tax rate in Utah is the seventhth-lowest in the country. All Rights Reserved. Different requirements, fees, and taxes apply, depending on your vehicle type and other factors. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. Fun & Games: Whos Really Winning the Autonomous Car Race? 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. And diesel gasoline in Utah are taxed at a rate of 2.1 percent, and title fees a comment correction... Calculator Monthly Payment vehicle price $ 25,000 Down Payment - $ 2,000 Est Area gets over 500 of. 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Gasoline in Utah plate fees - $ 2,000 rebate on a car at! Your new vehicle land you the deal you 're looking for this page dealerships allow you to notify of. Guarantees that working with an adviser will yield positive returns are other which!, or $ 900 for joint filers we urge you to pay fees that add to the total cost you! Registration, title, and a 15-day permit for $ 6 get an OTD... Their tax, title, and plate fees only income tax will also need focus! Permit for $ 6 in Utah or are looking to refinance, check out our Utah mortgage guide $,. You use when you ask for the out-the-door cost, the salesperson finally gives the. A bit deal for you a personal exemption of $ 579 for each dependent you claimed on federal... Car purchases in Utah is the seventhth-lowest in the excitement of making a new car, sure! The destination charge may cover the cost of registering a vehicle including fees Utah! 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