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How to Calculate Illinois Sales Tax on a Car. You can calculate the sales tax in Illinois by multiplying the final purchase price by .0625%. For example, let’s say that you want to purchase a new car for $30,000, you would use the following formula to calculate the sales tax: $30,000 x .0625= $1,875
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.
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.)
Enter the purchase price of your vehicle into the “Vehicle Purchase Price” field. Then, click on the “Calculate” button. The calculator will then compute and display the tax amount you need to pay according to Illinois state tax rates.
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.
You can use our Illinois Sales Tax Calculator to look up sales tax rates in Illinois by address / zip code. The calculator will show you the total sales tax amount, as well as the county, city, and special district tax rates in the selected location.
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). For most purchases, you will use Table A or B to determine the tax amount.
Ready to find out what your vehicle tax will be? Try our Illinois Vehicle Tax Calculator today and make your vehicle purchase in Illinois a breeze! Whether you’re in Chicago, Springfield, or anywhere in between, we’ve got you covered.
Auto loan calculator Illinois: tax title license. Trade payment. DMV cost for IL registration. TTL car payment calculator with IL tax and tags.
In general, to calculate sales tax on your next car purchase, follow these steps, per IllionisPolicy.org: Calculate taxable value: To get this value, subtract trade-in value, or the...