Originally Posted by Tangerine

Ouch that is painful. How do they calculate the value of the car though?

Originally Posted by NA2

holy crap. that sounds absolutely batsh!t crazy. so if you own a $200k car you are paying $8k every year????? I thought we had it bad in NY with 8.5% tax upfront.....but nothing annual.

Originally Posted by desmotesta

yup. I was in NOVA from '91 to '99

Hated the 3%+ (at that time) yearly property tax on All cars..

Now in NC, .9% is way better

Originally Posted by Hurricane

It’s 4.57 percent in Fairfax County now!

Originally Posted by Martin S.

Let's assume the Pinks are for a car collection of desirable cars. This chap is making good appreciation money...and the CA Franchise Tax Board seems not be concerned if one make some Capital Gains selling a car(s). Try selling your house now valued at $2,500,000 that was purchased in 1999 for $570,000. (This sort of appreciation is par for the course these days in desirable areas of CA). .....yes you'll get a $500,000 credit off the $2,500,000, and the base will be $570,000, subtract that, but you will with CA Income tax 13%+, and Federal Capital gains...assuming a person is in the top income bracket, 20%....you'll pay about 33% of the gain from the $1,500,000, about $450,000 in taxes. As a conciliation, there is thatFederal tax code provision where you can write off up to $10,000. Thanks Congress and Trump for hosing us in this one. And I do note, that the present WA establishment is not discussing nor anywhere near implementing a reversal of this heinous tax policy.

Sell $1,500,000 in collectors, discretely, you'll pay nothing....Conclusion, go ahead and get that late model GT3 RS: It looks to be a great investment....you can't drive a house!

Originally Posted by flsupraguy

"Thanks Congress and Trump for hosing us in this one" you mean someone finally had enough common sense to stop subsidizing California for their historic dumb decisions....

Originally Posted by Sporty

First off, you would have probably put about $500k of improvements into the house since 1999 so you can reduce your gain further by that (however, the net entire gain would be taxed at 23%, not 20% btw + 13% so effectively $360K vs $450K). Secondly, this(10K deduction limit for state income tax & real estate taxes) is a moot point anyway because you were denied these deductions prior to this anyway under the alternative minimum tax rules which were in effect way before Trump, (and which he did away with by the way).

However, your point is well taken with respect to being unreasonably taxed on our good fortune, but someone has to pay for all the (insert) programs, etc.

Originally Posted by desmotesta

And people actually wonder why Moderators delete all of this **** talk over and over again.

this conversation doesn't belong here. Repeat offenders should be banned. No warnings, no BS.. My .02 cents

Originally Posted by p010sp0rt8

lol.. i hate taxes as much as the next guy, but some of this is kinda silly.. If you were to have put in 570k in a single vehicle in 1999 unless you bought a select few they would not be worth 2.5M today. Also there are provisions where you can move the gains over to the purchase of a new primary resident home if you are selling your current primary residence to avoid much of the taxes***.
Finally, yes you can live in a car, but i damn bet if you lived in your 570k car from 1999 it definitely would not be worth 2.5M today. all in all i still agree with you that taxes suck and the codes are stupid, but the analogy of cars vs homes don't work.

Originally Posted by Hurricane

I’ll add that the amount generally goes down every year as your car depreciates. I don’t know what is going to happen this year, though!

Originally Posted by sunspot2013

I already got a notification from Arlington County warning that market values have increased for cars this year and valuations for property tax may be updated accordingly.