The maximum tax that can be owed is 525 dollars. Box 20,000 … Please contact your County Motor Vehicle office for updated information. The Boulder County Motor Vehicle Division is the branch of the Clerk and Recorder’s office that certifies motor vehicle titles and registrations and acts as a division of the Colorado State Department of Revenue. New owner identification. Implications of the forecast for the state's General Fund budget and spending limit are described in the report's highlights and executive summary sections. Example: New car is 10,000 Sale of old vehicle/Trade in was 4000 However, a county tax of up to 5% and a city or local tax of up to 8% can also be applicable in addition to the state sales tax. Please note that we do not handle driver’s license services. Most services are available online. Ownership Tax The formula below can be used to calculate the Ownership Tax portion of your fees. ; This estimate will include license fees and ownership tax only, based on the weight, age and taxable value of the vehicle.It will not include sales tax. To find out your auto sales tax, take the sales price of your vehicle and calculate 7.72 percent … Property & Vehicle Taxes Public Safety & Judicial Services Recycling & Landfill Transportation Voting and Elections Working in Mesa County Your Government Your Money Contact Information 544 Rood Avenue Grand Junction, CO 81501. Please call 303-795-4500 for additional information on different vehicle types. Contact the Colorado Department of Revenue at 303.238.7378. ** See tax rates and fees in Arapahoe County. Example: registering a 2020 model vehicle in 2019. In the tenth year of service the passenger and light truck vehicles reach a minimum of a $3.00 ownership tax. The average LICENSE FEE for passenger vehicles and light trucks is approximately $125.00. The ownership tax rate is assessed on the original taxable value and year of service, The following Counties accept MasterCard, Visa, Discover as payment options when titling and registering a vehicle. Specific Ownership Tax - Exemption: Active duty military personnel must be the owner or co-owner of the vehicle and complete form DR2667 in order to obtain an exemption from paying the Specific Ownership Tax. Nevada is one of the most expensive states to own a vehicle in the U.S. When you give or receive a vehicle as a gift in Colorado, you will transfer ownership by completing a DMV title transfer. Motor vehicles: State law requires a $25/month late fee (up to $100) for vehicles registered more than 60 days after the purchase date or renewed after the one-month grace period. The specific ownership taxes you paid for a registration year are on the back of your registration receipt. The tax is based on 85% of a vehicle ' s suggested retail price, excluding federal excise taxes, transportation or shipping costs, and preparation and delivery costs. In the example above of a $30,000 purchase, if the vehicle is new, the specific ownership tax due at registration would be $630. This gives the seller and buyer time to complete all transfer of ownership documentation. The first choice is to buy new plates. TAX") section of your vehicle registration receipt can be claimed as an itemized deduction on your federal income tax return. This may be a simple question but I cant get the State to answer the phone. This issue brief provides an overview of the SOT, describes how the SOT is calculated, lists the SOT exemptions, and describes its collection and distribution. The specific ownership taxes you paid for a registration should be on the back of your registration receipt. NOTE: THE COLORADO ENERGY OFFICE CANNOT PROVIDE ANY TAX-RELATED ADVICE. Ownership tax is in lieu of personal property tax. Funding Advancement for Surface Transportation Economic Recovery(FASTER) fees(Road Safety and Bridge Safety) were created with Senate Bill 09-108. First Regular Session | 73rd General Assembly. The amount shown in the ownership tax ("OWN. Mailing Address P.O. NOTE: The tax exemption is only valid for OWNERSHIP TAXES in Colorado. The Colorado Ownership Tax on Vehicles Amendment, also known as Measure 2, was on the November 8, 1966 ballot in Colorado as a legislatively referred constitutional amendment, where it was approved.The measure provided for an ownership tax in lieu of the ad valorem tax on motor vehicles, self-propelled equipment and certain other movable equipment. Fees are based on the empty weight and type of vehicle being registered, C.R.S. I, being first duly sworn, claim exemption from the Colorado Specific Ownership Tax on the vehicle listed above under C.R.S. Many states impose a recurring, value-based tax or fee on motor vehicles, but Colorado is the only state that uses the term specific ownership tax. Tax credits are available in Colorado for the purchase or lease of electric vehicles and plug-in hybrid electric vehicles. Colorado imposes an annual ownership tax on most types of motor vehicles. Additional fees may be collected if the vehicle is not registered in the month of purchase. Vehicles do not need to be operated in order to be assessed this tax. The Specific Ownership Tax (SOT) that is part of your vehicle registration in Colorado is deductible on your federal return. Fee estimator: Use the state’s fee estimator to calculate the amount due for first-time vehicle registrations. Sales taxes are due one time after a new or used car purchase at the time you title your vehicle. Contact the CO DMV at (303) 205-5600 to learn more about the specific car title transfer requirements for gifted vehicles. In place of property taxes, Colorado citizens pay the specific ownership tax (SOT) on their vehicles. (Sticker Price) Light Truck = 75% of M.S.R.P. Ownership & Prior Ownership Tax. Ownership Tax: Ownership tax is based on the age and TAXABLE VALUE of the vehicle. I am registering this vehicle in Colorado and claiming exemption from the Specific Ownership Tax because the vehicle is The report is based on current law,... Tax Expenditure Evaluation: School Sales Exemptions, Tax Expenditure Evaluation: Machinery Used in Manufacturing Exemption, Tax Expenditure Evaluation: Mass Transit and Ridesharing Expenses Deduction, Tax Expenditure Evaluation: Construction and Building Materials Exemption, Tax Expenditure Evaluation: Metallic Minerals Threshold Exemption, Tax Expenditure Evaluation: Metallic Minerals Ad Valorem Credit, Tax Expenditure Evaluation: Molybdenum Ore Tonnage Exemption, Updated - Summary of Federal Legislation Passed in Response to COVID-19 (21-01), Economic Outlook Presentation December 2020, Rules & Regulations of Executive Agencies, Colorado Open Records Act Maximum Hourly Research and Retrieval Fee, Salaries for Legislators, Statewide Elected Officials, and County Officers, Remote Testimony Policies - 2020 Special Session, Safety Protocols for the General Assembly, Services for Persons with Disabilities and Grievance Resolution Procedures, House Regulations for Remote Participation - 2021 Regular Session, Senate Regulations for Remote Participation - 2021 Regular Session, 2021 Bills Authorized by Sponsors for Pre-release, RFP - Reviewing PERA for Pension Review Subcommittee. Additional counties may be added at later dates. If the vehicle is two years old, the tax would be $450. Therefore, a passenger car with an MSRP of $20,000 would have a taxable value of $17,000. Ownership tax is calculated using the taxable value of the vehicle for the registration period. The location of ownership tax on your vehicle registration is highlighted below. $1.50 for all motor vehicles and trailers greater than 2,000 pounds and $2.50 for motorcycles, trailers less than 2,000 pounds, and trailer coaches, pursuant to C.R.S. Vehicles do not need to be operated in order to be assessed this tax. This issue brief provides an overview of the SOT, describes how the SOT is calculated, lists the SOT exemptions, and describes its collection and distribution. Colorado collects a 2.9% state sales tax rate on the purchase of all vehicles. Colorado's specific ownership tax is a type of ad valorem tax. While sales taxes are transactional taxes that are imposed only at the time of transaction, ad valorem taxes are usually … The affidavit must be completed each year at time of renewal or with the application for registration of a newly purchased vehicle. To cite an example, the total sales tax charged for residents of Denver amounts to 7.72 percent. Vehicle Age: Tax: 1st Year of Service: Taxable Value x .021: 2nd Year of Service: Taxable Value x .015: 3rd Year of Service: Taxable Value x .012: 4th Year of Service: Taxable Value x .009: 5th-9th Yr of Service: Taxable Value x .0045: 10th Year & Greater: $3.00: Information is here for Specific Ownership Tax. The ongoing expansion in the U.S. economy is fueled by consumer contributions. Please note: This is an estimate only.Do not write a check out for this amount! License Fees: These fees are based upon the age and weight of the vehicle. 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