I currently and have lived in NC all my life. I am looking to sign a lease prior to moving to VA later this month. I am worried that somehow I will end up signing a lease at 3% monthly tax, and then get charged 4.15% tax by VA when I move later this month. Can someone tell me if VA has any right to tax me on my car despite not living in VA at the time of purchase?
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You are taxed at whatever the tax rate is where the car is registered. When you move to VA you will be subject to their rules and regulations. Some states tax on the full purchase price of the car up front, most do monthly sales tax. You also may have personal property tax. It is all at the hands of the governing body of whatever state you live in and they have the right to do whatever they want. I know SC has a program where you can get a prorated amount of some fees back when you move your car to another state you just have to file for it. NC may have a similar program.
I think it’s fairly nuanced, you need to check with DMV but I believe if you bring a car that you got more than 12 months ago to VA, you can pay flat 4.15 monthly instead of 4.15 on the sales price. At least that’s what I’ve heard is a case for leases.
Hmm… I understand they charge you the difference. 3% on rental in NC vs. 4.15% on the full price in VA. Just like other state-to-state lease transfers work, no?
