Updates to Georgia Lease Tax | Canton GA | Serving Alpharetta and Atlanta
Lease Tax Updates in Canton, GA
If you’re one of the number of people who choose to lease your vehicle in Georgia, then we have some good news for you. Recently, changes were made to Georgia state law regarding lease tax. Starting January 1st of 2018, taxes now only include the sum of lease payments, not the entire value of the vehicle as it was set up before. Because of these changes, the Title Ad Valorem Tax or TAVT tax is more fair for leasing consumers in Georgia. Additionally, the rate has been reduced from 7.0% to 6.6%, effective January 1, 2020.
A Few Things to Consider
1. Unless the tax is paid up front in cash, your monthly payment might increase after the TAVT tax has been added to the lease.
- You may have to pay this tax again if you choose to buy your vehicle at the end of your lease.
Now Is The Time to Lease
There is no more separate sales tax on a down payment, no sales tax on monthly lease payments and no more annual ad valorem property tax. Since lessees will see big savings from this update to the law, now is the perfect time to lease a new vehicle.
If you have any remaining questions or wonder how this will affect your current lease, feel free to contact us or stop by our dealership at 301 Liberty Blvd., Canton, GA 30114. We look forward to serving our customers from Canton, GA, and throughout the greater Atlanta area.