Current State Rate As of the current tax period, the state sales tax rate for vehicle transactions in Illinois is 6. The total price on the window sticker or dealer invoice rarely reflects the actual amount you will pay at the closing table.
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How to Calculate the Tax To calculate your total sales tax, you must combine the state rate and the local rate to get a combined rate. For example, if you purchase a vehicle for $20,000 in a location with a combined rate of 8%, the calculation would be $20,000 x 0.
Regional Rate Variations These local rates are not uniform across the state. This guide breaks down the exact formulas, current rates, and critical exemptions to help you budget accurately for your next car.
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08, resulting in $1,600 in sales tax. Manual calculation helps you understand your bill of sale and catch any potential errors made by the dealership's finance department.
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