Do you pay tax on car lease in nc?

In North Carolina, motor vehicles are subject to an annual property tax. This tax is based on the assessed value of the vehicle, which is determined by the county tax assessor. For leased vehicles, the lessee (the person who is leasing the vehicle) is responsible for paying the property tax. The lessor (the company that owns the vehicle and is leasing it to the lessee) will typically include the property tax in the monthly lease payments.

The amount of property tax that is due on a leased vehicle will vary depending on the county in which the vehicle is registered. For example, in Wake County, the property tax rate for vehicles is 0.79 cents per $100 of assessed value. For a vehicle with an assessed value of $20,000, the annual property tax would be $158.

Additionally, some North Carolina counties also impose a sales tax on leased vehicles. The sales tax rate for vehicles is 3%. For a vehicle with a purchase price of $20,000, the sales tax would be $600.

In summary, in North Carolina, lessees are responsible for paying the property tax on leased vehicles. The amount of property tax that is due will vary depending on the county in which the vehicle is registered. Some counties also impose a sales tax on leased vehicles.