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How do I Calculate a Tax, Tag & Title in Florida?

Discussion in 'Florida' started by Larry Chanin, Apr 18, 2012.

  1. Larry Chanin

    Larry Chanin Model S Perf Sig 1055

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    #1 Larry Chanin, Apr 18, 2012
    Last edited: May 25, 2012
    How do I Calculate a Tax, Tag & Title in Florida?

    By Dan Howard, eHow Contributor

    So for example a Model S in Sarasota county that costs $100,000 (before the federal tax credit) in which the license plates are being tranferred:

    State sales tax = $100,000 x .06 = $6,000.00

    County sales tax = $5,000 x .01 = $50.00

    By-weight registration fee = $70.65

    Registration base fee = $225.00

    Plate transfer fee = $7.65

    Base titling fee = $75.25

    Total taxes and fees: $6,428.55
    Larry
     
  2. Larry Chanin

    Larry Chanin Model S Perf Sig 1055

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    #2 Larry Chanin, May 25, 2012
    Last edited: May 25, 2012
    In Florida, when buying a new vehicle and trading in another vehicle, the taxable sales price of a new vehicle can be reduced. This reduces the sales tax paid on the new vehicle.

    Sales and Use Tax on Motor Vehicles


    So returning to my example in the previous posting, if I'm buying a $100,000 car in Sarasota county, and my trade-in is worth $4,000, then my sales tax is reduced by $240.

    Larry
     
  3. NigelM

    NigelM Recovering Member

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    Thanks Larry.

    Over in the main "Trade In" thread it's rumored/speculated that Tesla will use Autonation for the trade-ins but it makes a big difference for FL residents to show that comes off the retail price before tax is applied.
     
  4. Larry Chanin

    Larry Chanin Model S Perf Sig 1055

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    Hi Nigel,

    Yes, it was that posting and Dave's remarks in that thread that prompted me to update this thread.

    By the way, for what its worth I heard the same thing that gg reported, that is Tesla will work with a third party to handle trade-ins.

    Larry
     
  5. Arnold Panz

    Arnold Panz Model Sig 304, VIN 542

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    According to my pre-MVPA that I received today, the trade-in value is included in the purchase agreement, so I get the deduction on the purchase price and the concurrent sales tax reduction. It was blank for now (of course), but full expect it to fill in when the time comes (about 30 days before delivery).

    I don't care if they use Auto Nation, Car Max or whomever, just as long as it's on the purchase order. Otherwise, I'm better off selling my car to Car Max directly or on Craig's List if I can't get it to offset my purchase price.
     
  6. Larry Chanin

    Larry Chanin Model S Perf Sig 1055

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    #6 Larry Chanin, May 25, 2012
    Last edited: May 25, 2012
    After checking official Florida government references it would appear that the original reference quoted in the first posting has an error regarding county sales taxes.

    The Florida Department of Revenues website states:


    Here is a correction to the example provided in the first posting:

    So for example a Model S in Sarasota county that costs $100,000 (before the federal tax credit) in which the license plates are being tranferred:

    State sales tax = $100,000 x .06 = $6,000.00

    County sales tax = $5,000 x .01 = $50.00

    By-weight registration fee = $70.65

    Registration base fee = $225.00

    Plate transfer fee = $7.65

    Base titling fee = $75.25

    Total taxes and fees: $6,428.55

    For a $4,000 trade-in the Sales taxes would be:

    State sales tax = ($100,000 -$4,000) x .06 = $5,760.00

    County sales tax = $5,000 x .01 = $50.00


    I will edit the prior postings to correct this error.

    Larry
     
  7. Jace_91

    Jace_91 Member

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    Wouldn't it be nice if FL followed suit of the handful of other states that don't charge sales tax on EVs!
     

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