Vehicle Type State Rate Cook County Rate Total Rate Passenger Cars 6. The Impact of Trade-Ins and Rebates When calculating your tax base, the value of a trade-in significantly alters the final amount owed.
How Cook County's High Sales Tax Directly Increases Your Car Costs
This means if you are upgrading from a sedan to an SUV, you only pay tax on the difference in value. Tax Rates and Calculation Methods To determine your liability, you must look at the current rates, which are subject to change.
Cook County adds an additional 1. However, the calculation base is critical: the tax is applied to the greater of the purchase price or the Illinois Secretary of State’s fair market value table.
How Cook County's High Sales Tax Significantly Increases Your Car Costs
The state rate is currently set at 6. 25% on the purchase price.
More About Cook county sales tax on cars
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