The state rate is currently set at 6. This means if you are upgrading from a sedan to an SUV, you only pay tax on the difference in value.
Cook County Fair Market Value Tax Table for Cars
Additionally, if you are relocating to another state and your vehicle is already registered elsewhere, you may be able to provide proof to avoid the duplicate tax. Illinois law allows you to subtract the trade-in value of your old vehicle from the sale price of the new one before applying the tax rate.
The Impact of Trade-Ins and Rebates When calculating your tax base, the value of a trade-in significantly alters the final amount owed. Similarly, manufacturer rebates are generally subtracted from the sale price, lowering the taxable amount.
Cook County Fair Market Value Tax Table for Cars
25% on the purchase price. 00% Electric Vehicles 6.
More About Cook county sales tax on cars
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