New York Registration Process

[1795]

Originally Posted by twobjshelbys

Bummer. By declaring it a 2020 custom it will be tax assessed as a 2020 vehicle at your purchase price. My Cobra cost me my purcase price for computing sales tax, but the registration was $65 for 5 years, yours probably costs a little more than that.

Tony,

In NY it does not matter the year of the car for sales tax, they all get taxed the same based on the purchase price. At least there is no luxury tax on vehicles in NY.

Jim

[twobjshelbys]

Originally Posted by 1795

Tony,

In NY it does not matter the year of the car for sales tax, they all get taxed the same based on the purchase price. At least there is no luxury tax on vehicles in NY.

Jim

I understand and agree about sales tax, but in other states (not sure about NY) the annual "personal property tax", or "registration tax" goes down with the age of the vehicle to a certain minimum based on the original value. That's the way it's been everywhere I've lived, including in MA. It seems that CT and maybe RI base it on current market value, which is related in another post here. My point is that being a 2020 vehicle, you're initial property tax will be based also on your purchase price or some other value assessment, not the depreciated value. That is how they get you in taxes.

[1795]

Tony,

There is no property tax on vehicles in NY, you pay the sales tax when you register the vehicle and then only the registration fee that only changes modestly. There is no yearly property tax on personal property, other than your home. Registration fees are based upon the weight of the vehicle, not the cost.

Jim

[twobjshelbys]

Originally Posted by 1795

Tony,

There is no property tax on vehicles in NY, you pay the sales tax when you register the vehicle and then only the registration fee that only changes modestly. There is no yearly property tax on personal property, other than your home. Registration fees are based upon the weight of the vehicle, not the cost.

Jim

Wow! That's great! Every place else I know of taxes cars, boats, etc. I won't mention it again in case they get any ideas

[1ntCobra]

Originally Posted by twobjshelbys

Wow! That's great! Every place else I know of taxes cars, boats, etc. I won't mention it again in case they get any ideas

Pennsylvania does not have property tax on cars either. Hearing that other states have property taxes on cars sounds strange to me. I should be looking out for all of the taxes that other states have in case I decide to move to another state when I retire.

[twobjshelbys]

Originally Posted by 1ntCobra

Pennsylvania does not have property tax on cars either. Hearing that other states have property taxes on cars sounds strange to me. I should be looking out for all of the taxes that other states have in case I decide to move to another state when I retire.

How much does it cost to register? Here's the breakdown of our Honda registration:

Registration 33.00
Gov (prop tax) 196.99
Supl Gov Svcs Tax 49.00
Tech fee 1.00

The "Gov" and "Supl Gov Svcs Tax" are deductible as personal property taxes on Fed income tax.

Both here and in CO, the tax portion is depreciated - it goes down every year until it reaches a minimum and then stays there. I don't recall what the time period is.

[1ntCobra]

Originally Posted by twobjshelbys

How much does it cost to register? Here's the breakdown of our Honda registration:

Registration 33.00
Gov (prop tax) 196.99
Supl Gov Svcs Tax 49.00
Tech fee 1.00

The "Gov" and "Supl Gov Svcs Tax" are deductible as personal property taxes on Fed income tax.

Both here and in CO, the tax portion is depreciated - it goes down every year until it reaches a minimum and then stays there. I don't recall what the time period is.

My son just got his drivers license a couple of months ago and last week my parents decided to give him one of their old cars as a gift for free. I put the car in my name for insurance purposes. I went to a tags place and paid $139 total to get the car in my name and registered for the first year, reusing my parent's old license plate (we only have rear plates in PA). I did not save the receipt so I don't know the break down of what the fees were.

Once you own a car, the annual fee to renew registration is $43, regardless of the age, mileage or value of the car.

[mrmustang]

Originally Posted by 1ntCobra

Pennsylvania does not have property tax on cars either. Hearing that other states have property taxes on cars sounds strange to me. I should be looking out for all of the taxes that other states have in case I decide to move to another state when I retire.

SC is one of those states that has a personal property tax on vehicles. When I moved down from PA to SC, I was concerned about the 69 GT500. Thankfully unfounded, as my annual property tax is $35.00 My daily drivers cost 3x that much and are not worth anywhere near what the Shelby is, go figure.

Bill S.