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Buying a Car –California Auto Sales Tax Law and Other Items You Need to Know
from:If you’re new to California and you need to buy a car, there are a few things you need to know about California auto sales tax law as well as other items. Here are some things to think about before you buy a car in California.
There is no “cooling off” period in California on vehicles purchased from a dealer unless you get a contract cancellation option. These options are available on some used cars from dealers. Otherwise, you don’t have the 48 hour cancellation period that is available in many other states.
According to California auto sales tax law, the sales and use tax on a vehicle can vary by the city and county.
Vehicle purchases are taxed based on the city and county in which the purchaser registers the vehicle, and not on the county in which the vehicle is purchased. This negates the (perceived) advantage of purchasing a car in a "cheaper" county in order to save on sales tax. Many car buyers even consider going out of state to buy a car to save on sales tax. (For example, Oregon charges no sales tax on automobiles.) But, this won’t help you, because when you register the car, California auto sales law says you’ll be charged the tax then.
According to California auto sales tax law, the general sales tax on an automobile is 7.25% - the most recent rate hike happened in 2007. However, in some cities, the rate may be higher. In some cities, you’ll pay as much as two full percentage points over this amount, or 9.25%.
Any time a vehicle is bought, sold, gifted, inherited, or otherwise changes hands, the title will need to be transferred to the new owner.
When you buy a car in California from a private party, you have just ten days to apply for a title. You’ll do this at the DMV office. It’s wise to make an appointment, as the office can get very crowded. When you purchase a car from a dealer, the dealership will take care of all the titling paperwork for you. The title transfer fee is $15 and the title certificate is $16. If your title is lost or destroyed, you can get a replacement title for $16 as well.
Any time you move to a new state, you can expect there to be some differences in the laws and tax rates. Understanding California auto sales tax law and other California laws will help you make an informed decision when you purchase that new car.
North Carolina Tax Law News
Right to bypass public on tax increases on slate for legislation (The Wilson Times)
When members of the North Carolina Association of County Commissioners meet next week in Raleigh to hone their legislative goals for the year, the top priority could be to bypass the public when it comes to counties raising some tax revenues. During a NCACC board of directors meeting last month, the Legislative Goals Committee proposed a "revenue ...
Read more...GPS devices, mileage tax could be in future for U.S. drivers (Kane County Chronicle)
PORTLAND, Ore. — Oregon is among a growing number of states exploring ways to tax drivers based on the number of miles they drive instead of how much gas they use, even going so far as to install GPS monitoring devices in 300 vehicles.
Read more...Nexsen Pruet Opens Raleigh Office (MyNC.com)
Nexsen Pruet today announced the opening of a Raleigh office that will include Ernie Pearson, former assistant secretary of economic development for the North Carolina Department of Commerce, and former North Carolina Governor Jim Holshouser.
Read more...Home advisers offer help (The Post and Courier)
Resources for homeowners who struggle to pay their monthly mortgages are usually scattered across the Charleston region, from nonprofit offices to law firms. But for one day this weekend, help will convene under one roof. On Saturday, legal representatives, financial advisers and nonprofit officials will gather at First Federal Corporate Center in North Charleston to give free counsel to ...
Read more...States mulling tax on mileage (Parkersburg News and Sentinel)
PARKERSBURG - As the country begins the shift to more fuel-efficent vehicles, state lawmakers have a number of concerns about a program being considered in states around West Virginia calling for the taxation of miles drived as opposed to a tax on gasoline. Gasoline taxes that fund roads and highway maintenance will take a hit as cars use less fuel.
Read more...North Carolina bank scolded (The Charlotte Observer)
(The Associated Press) A western North Carolina bank had policies that jeopardized the safety of its deposits and issued a number of poor quality loans, according to a report from federal regulators. Blue Ridge Savings Bank was sharply reprimanded in a 25-page order from the Federal Deposit Insurance Corp., obtained by the Asheville Citizen-Times. The bank said it has agreed to fix the problems ...
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