Quick Answer: How Much Is The Sales Tax On A Car In Illinois?

Do you pay sales tax on a private party in Illinois?

The tax is imposed on motor vehicles purchased (or acquired by gift or transfer) from another individual or private party.

(Sales of motor vehicles from registered Illinois dealers are taxed under the Retailers’ Occupation Tax Act.).

Can I sell my car to my son for $1?

During the transfer of ownership process, you won’t have to pay any capital gains tax since you’re not likely selling the car for a profit at $1. However, your daughter will have to pay whatever rate of sales tax your state charges on used vehicles when she goes to transfer the title.

How much is taxes on a car in Illinois?

Fast, Free Auto Insurance QuotesDMV or State FeesVehicle sales tax (for vehicles sold by a dealer)Usually 6.25% but can vary by locationVehicle use tax (for vehicles purchased from another individual or private party)Usually 6.25% but can vary by locationTitle Transfer Only Fee$2512 more rows

How much is tax on a car in Chicago?

Illinois collects a 7.25% state sales tax rate on the purchase of all vehicles. There is also between a 0.25% and 0.75% when it comes to county tax. In addition to state and county tax, the City of Chicago has a 1.25% sales tax. There also may be a documentary fee of 166 dollars at some dealerships.

How much does it cost to switch a title over in Illinois?

Pay the $95 title transfer fee. There are other fees that may be assessed as well, including the following: Name changes: $15 per name. Duplicate title (if lost): $95.

Are cars subject to sales tax?

The sales tax rate for the sale of a vehicle is currently 7.25% plus applicable district taxes; however, the sales tax rate for gasoline is only 2.25% plus applicable district taxes.

Is it cheaper to buy a car in Indiana or Illinois?

As of 2010, Indiana’s sales tax rate was 7 percent. Illinois has a base rate of 6.25 percent with varying municipal and city taxes levied on top of this. For the Chicago area, sales tax on a car can reach 10.5 percent making a car purchase in Indiana cheaper for comparable models.

How much tax will I pay for a used car in Illinois?

6.25%The rate is 6.25% of the purchase price or fair market value, whichever is greater.

How much are dealer fees in Illinois?

Title fee increase: In July 2019, title fees increased to $150 from $95. Car registration fee: Increased in January 2020 to $151 from $101. Dealer documentation fee: Increased to a limit of $300 in January 2020 from a limit of $166.

What state has the highest vehicle registration fees?

FloridaFlorida has the highest registration fee for new vehicles of $225. This is a one-time fee and there are separate additional fees based on the weight of the vehicle. Registration fees following the first fee are $14.50-$32.50. Arizona has the lowest registration fee of $8.

How much is sales tax on a car in Cook County?

9.5% in the city of Chicago. 8.25% in suburban Cook County. 7.25% outside of Cook County and Chicago. An additional $15 new vehicle county flat fee for cars and SUVs.

How much will license plates cost in Illinois in 2020?

Under the new law, which took effect Jan. 1, Illinois drivers of standard vehicles weighing 8,000 pounds or less saw registration fees jump from $98 to $148. All other large vehicles, including trailers and buses, saw registration fee increases of $100.

Do you pay sales tax on a private car sale in Illinois?

Illinois private party vehicle use tax is based on the purchase price (or fair market value) of the motor vehicle, with exceptions noted on the right (i.e., for motorcycles and specific situations). … The fair market value may be obtained from a licensed dealer. Note: A trade-in deduction is not allowed on this tax.

Do you pay taxes on a gifted car in Illinois?

At the time you apply for an Illinois title with the Secretary of State for a vehicle you purchased, leased, or acquired by gift or transfer, you are required to submit either payment of tax or proof that no tax is due before your vehicle can be titled. … You must make separate payments for tax due and title fees.

Is there a senior discount for license plate stickers in Illinois?

If you are 65 years of age or older, or 16 years of age and totally disabled, you may be eligible for an income-based license plate discount through the Benefit Access Program of the Illinois Department on Aging.

What are the new Illinois laws for 2020?

15 new Illinois laws for 2020Minimum wage. The state’s minimum wage will increase by $1 an hour to $9.25 an hour on Jan. … Vehicle fees. If you drive you already know you’re paying higher gasoline taxes in order to help pay for road construction projects. … Traffic fines. … Religious crimes. … Changing tables. … Rabies shots. … Ethnic village. … Information protection.More items…•

How long do you have to transfer a car title in Illinois?

Title fees in Illinois are $95, and they’re due at the time of transfer. Those coming from another state have 30 days to officially transfer their title, while those who buy or inherit a car need to register their car within 20 days.

How much is tax title and license on a car in Illinois?

How much does it cost to title and register my vehicle in Illinois? The total fee for a standard vehicle is $301 ($150 vehicle title + $151 registration/license plates). If there are two names on the back of the title, do both parties have to sign title and registration applications? Yes.

Who pays sales tax when selling a car privately in Illinois?

The buyer must pay $95 to the Secretary of State, and a tax to the Department of Revenue. For vehicles worth less than $15,000, the tax is based on the age of the vehicle. It starts at $390 for a one-year old vehicle.

Do I need a bill of sale to sell my car in Illinois?

In Illinois, when you sell a car, you are required to remove the license plates and submit a valid title to the buyer that is signed and dated. … In Illinois, there is no official bill of sale, so you can make your own. It should contain the name, address and phone number of both the buyer and seller.

How long do you have to register a car in Illinois?

20 daysIllinois Resident – You have 20 days from the date of purchase or acquisition of a motor vehicle, tractor, motorcycle, or trailer to register. You should register your vehicle at the local Secretary of State (SOS) office where you live.