NC Tax question

[Desiboy]

Hello all super helpful BF friendly dealers et al., here's one for ya: In my recent BMWFS statement, I'm being shown a charge for about $450 for "Property Tax". Now, I'm already paying about 3% in tax already built into my payments as "Sales and Use" tax. Can anyone explain why I'm being charged this extra amount in "Property" tax? I do know that NC charges property tax on vehicles, however, my question is, if this is a leased vehicle, shouldn't the "Owner" have to bear the tax burden and not the "Lessee" as is usually the case with real estate property?

Also, in Section 14. of my Motor Vehicle Lease Agreement, it gives an estimate on what I can expect to pay. The number given is based solely on my Use Tax and does not include property taxes at all. What gives?

Thanks in advance guys, I'd appreciate any input.

[phantombmw]

BMWFS is the technical "owner", but per your contract you agree to have these charges passed on to you. There are only a few states that do this, but look on the bright side, you got off easy in NC paying 3%, that's pretty low by comparison.

[Mech_Man]

Tooooo Right! I had a 5+ yr e36 (328) when I moved to Maryland (suburb DC) and that ol' car cost me over a grand in property tax!

[bmwKbiker]

Actually a lot of state collect "property tax" on vehicle.
It is just that many (like California) collect it as part of the yearly registration fees.

[Desiboy]

Tooooo Right! I had a 5+ yr e36 (328) when I moved to Maryland (suburb DC) and that ol' car cost me over a grand in property tax!


:wow::freakdanc


Thanks for the advice guys, the charge just took me by surprise.

[adrian's bmw]

BMWFS is the technical "owner", but per your contract you agree to have these charges passed on to you. There are only a few states that do this, but look on the bright side, you got off easy in NC paying 3%, that's pretty low by comparison.


:stupid:

Here in GA, we not only have a monthly use tax of 6-7%, but a nice birthday present that's due by our birthday in ad valorem tax based on the value of the car. Back in 06, my $52k 330ci vert had ad valorem of $800. : puke: I'm not looking forward to this for my 535xiT. :tsk:

So your $450 in property tax is an enviable situation.

[Kamdog]

:stupid:

Here in GA, we not only have a monthly use tax of 6-7%, but a nice birthday present that's due by our birthday in ad valorem tax based on the value of the car. Back in 06, my $52k 330ci vert had ad valorem of $800. : puke: I'm not looking forward to this for my 535xiT. :tsk:

So your $450 in property tax is an enviable situation.

Add your personal property tax to your real estate tax for your full property tax bite. Mine is a bit over 7Gs/year, what is yours?

[kyfdx]

:stupid:

Here in GA, we not only have a monthly use tax of 6-7%, but a nice birthday present that's due by our birthday in ad valorem tax based on the value of the car. Back in 06, my $52k 330ci vert had ad valorem of $800. : puke: I'm not looking forward to this for my 535xiT. :tsk:

So your $450 in property tax is an enviable situation.


At least, it's tax deductible if you itemize..

[Mister Mayor]

Here in PA its 6% tax on a purchase and 9%:yikes: on a leased vehicle...sucks!