Is there a database on this site that has each state’s approach to lease taxes? In DC, MD, and VA we have to pay full sales tax on the sales price which sucks but am wondering what the specifics are state-to-state. Might make the realities of 1% deals more transparent as each state has ‘quirks’ more or less and give users (new or in general) a more realistic target.
May be helpful to see what other think about 1% “rule”
In DC taxes are 10% of the monthly payment and not based on the full sales price. Also you pay 10% tax on taxable rebates and any down payment you make that reduces the capitalized cost.
Need to factor in other taxes too. MA has an excise tax which is paid annually. This is on top of initial 6.25%. Watch out for those personal property tax states. Also some have reg fees that are high as well.
https://www.salestaxinstitute.com/resources/rates
yeah, agreed. In VA I’m told that there’s a personal property tax as well.