By Amir Dabiri - January 6, 2014
Beginning January 1, 2014, the Title Ad Valorem Tax (TAVT) rate will increase from 6.5% to 6.75%. Under the statute and Department of Revenue (DOR) regulations, any vehicle with a date of purchase on or after January 1, 2014 will be subject to the higher rate.
It is expected that the DOR GRATIS system will be updated with the increased TAVT rate. Therefore, transactions with a purchase date on or after January 1, 2014 that are processed using Electronic Titling & Registration (ETR) will automatically apply the increased rate. Transactions with a purchase date on or after January 1, 2014 that are mailed or delivered to a county tag office for processing will be returned to the dealer if the TAVT is not calculated based on the 6.75% rate.
Please remember to adjust your State Sales Tax% to 6.75% in Deal Pack at the State 1 section of Parameters. Deal Pack automatically populates the Fair Market Value into the Quick Deal section from the DOR database for your convenience. Please feel free to give us a call @ 800-526-5832 if you have any questions or concerns.
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Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
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