Luxury Tax in NJ?

carl_lazlo · 11-25-2006, 06:00 PM

Is there still a luxury tax in NJ? I was working lease payments on my 335i today with the dealer and I saw him work in an aditional .0004 at some point. He called it a "Luxury Tax" since the car is over 50K.

Is this true?

Majikthese42 · 11-25-2006, 06:08 PM

Quote:

Originally Posted by carl_lazlo

Is this true?

Thank you, Jon Corzine! -- Yes, it started in July, there is a 0.4 percent add-on for cars that cost more than $45,000 or get less than 19 miles per gallon.

KevinC · 11-25-2006, 09:37 PM

Freakin' democrats!!

John 070 · 11-25-2006, 10:27 PM

Sure, we all hate taxes, but let's be real, in my g/f's town in NJ the avg 4 bed is easily 800k and the property taxes are around 20k per year. What's another $200 per 50k of car? Not enough to worry about imho. C'mon now, on that Bentley Continental GT we're talking $720 luxury tax.

IrvRobinson · 11-25-2006, 10:53 PM

The luxury tax disappeared years ago here in Illinois.I would check with the Secretary Of State and maybe call 2 dealers and ask for a finance manager to verify if it's still applicable.

carl_lazlo · 11-25-2006, 11:23 PM

How is the tax calculated? DO I just substitute 7.4% for the normal 7% sales tax?

11-25-2006, 06:00 PM	#1
carl_lazlo Doctor of Journalism 29 Rep 352 Posts Drives: E 92 335i Sapphire Black Join Date: Nov 2006 Location: Jersey iTrader: (0)	Luxury Tax in NJ? Is there still a luxury tax in NJ? I was working lease payments on my 335i today with the dealer and I saw him work in an aditional .0004 at some point. He called it a "Luxury Tax" since the car is over 50K. Is this true?
	Appreciate 0 Tweet Quote

11-25-2006, 09:37 PM	#3
KevinC your average JAMF 3513 Rep 4,187 Posts Drives: '21 M2 Comp, '19 Golf R Join Date: Oct 2005 Location: Cochise County, AZ iTrader: (0) Garage List 2019 VW Golf R [5.00] 2021 BMW M2 Competi ... [3.50]	Freakin' democrats!! __________________ '21 M2 Comp '19 Golf R
	Appreciate 0 Quote

11-25-2006, 10:27 PM	#4
John 070 Lieutenant General 1725 Rep 14,825 Posts Drives: 335i cpe Join Date: Oct 2006 Location: ZSP/ZPP/ZCW iTrader: (0)	Sure, we all hate taxes, but let's be real, in my g/f's town in NJ the avg 4 bed is easily 800k and the property taxes are around 20k per year. What's another $200 per 50k of car? Not enough to worry about imho. C'mon now, on that Bentley Continental GT we're talking $720 luxury tax.
	Appreciate 0 Quote

11-25-2006, 10:53 PM	#5
IrvRobinson Banned 39 Rep 731 Posts Drives: X3 Join Date: Jul 2006 Location: Chicago iTrader: (0)	The luxury tax disappeared years ago here in Illinois.I would check with the Secretary Of State and maybe call 2 dealers and ask for a finance manager to verify if it's still applicable.
	Appreciate 0 Quote

11-25-2006, 11:23 PM	#6
carl_lazlo Doctor of Journalism 29 Rep 352 Posts Drives: E 92 335i Sapphire Black Join Date: Nov 2006 Location: Jersey iTrader: (0)	How is the tax calculated? DO I just substitute 7.4% for the normal 7% sales tax?
	Appreciate 0 Quote