06-20-2011, 02:42 PM
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CC Member
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Join Date: Aug 2009
Location: Edinburg,
TX
Cobra Make, Engine: Everett Morrison, All aluminum small block ford.
Posts: 436
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Not Ranked
The sales tax rate for autos in Texas is currently 6.25%. If the car is valued at 30 grand then you can expect to pay 1875.00 in taxes. So if you dont have the reciepts where you bought the parts and paid taxes then you will have to have the appraised and pay taxes based on its appraised value. If you win one in a raffle than you can expect to get a 1099 for the value and you have to pay the taxes as net income. You will also be liable for sale tax when you register the car. Generaly speaking the raffle will cover the sales tax...but not always.
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" If it wont break em loose in 3rd gear, it aint enough power "
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