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just bought a truck...need some tax info

We bought a truck for DH to have one to get to and from work, so i'm not stuck carless. it's a beater, but it works. we just got it yesterday,today we have to go to the DMV and get plates for it. we're wondering how Virginia taxes work? if we paid under the blue book value, will we have to pay the minimum blue book value? or is it just a percentage of what we payed for it? it's been so long since i've paid for personal property tax on a car in Virginia i don't remember, and when i did i put down under the amount 'gift'. (it was a grad present). anyone know? also, where can i find the blue book value online? i already tried kelly's blue book value website, it wasn't helpful

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armywife43

Asked by armywife43 at 11:04 AM on Jul. 16, 2010 in Money & Work

Level 21 (11,516 Credits)
Answers (4)
  • Here in ky, you pay the state % sales tax. So, here it is 6% of whatever you paid for it. I assumed it was the same everywhere, but you know what happens when you assume.
    You could call the DMV and ask them.
    Good luck and congrats on the cool truck!
    Kiwismommy19

    Answer by Kiwismommy19 at 11:06 AM on Jul. 16, 2010

  • You don't have to put that you paid the KBB value. You can put what you actually paid for it, or if it was from an individual you can put less. Kinda depends on the year, etc. If you say you bought a 2000 model something for $100 they're gonna say you're lieing. If it's something really old you can put something like $500 and be ok. If they ask say it has mechanical issues or something. That is what I do in Tennessee, I'm not sure how things might be different in Virginia.
    FroggyFeet

    Answer by FroggyFeet at 12:24 PM on Jul. 16, 2010

  • It's different state to state. Here in Nevada, you have to pay 8.1% of whatever you paid if you buy from a dealer, but you don't have to pay any tax if you buy from a private party. Any vehicle sales tax you pay here is deductible.
    JulieJacobKyle

    Answer by JulieJacobKyle at 1:05 PM on Jul. 16, 2010

  • Usually you pay sales tax on the amount that you paid for it, so take your receipt in with you and that should be enough.
    slw123

    Answer by slw123 at 1:05 PM on Jul. 16, 2010

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