If you buy a car in VA do you pay taxes on the purchase since you pay a yearly tax, or does the yearly tax cancel that out?

 

If I remember correctly; When you purchase a new car in VA, you pay the sales tax. Then when you register the car you have to pay a property tax.
I believe that when I tried to register the Lotus, I was told I had to pay property tax in order to register it.

PS: you up WAY late bro.

 

+1 its sales when buying then property tax every year.

 

5% sales? and Im always up late =)

 

Car sales tax is 3% I think. Thats what we used when I sold Nissans; according to this site, it is 3%: http://www.dmv.org/va-virginia/car-registration.php

3. Pay any fees due, including taxes. There is a $10 titling fee and a motor vehicle sales and use tax based on 3% of the vehicle's sales price or $35, whichever is greater. If you cannot provide proof of purchase price and you owe taxes, the DMV will use the official NADA trade-in value to calculate your tax.

 

Pay tax when you buy it, register it, and own it. Surprised they don't tax you for selling it.

 

Virginia is for ballaz... for realz

 

Actually... technically they could tax you for selling it... If you sold your car and didn't buy another one, and actually made money on it, they could hit you with capital gains tax. So, don't restore a car, sell it, and keep the money lol.