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Updates to Georgia Lease Tax | Kennesaw GA | Serving Marietta, Acworth and the Greater Atlanta Area
If you're one of many drivers who decided to lease their vehicle in Georgia, then you're in luck. Changes were made this year to Georgia state law dealing with the lease tax. As of January 1st, 2018, taxes on leases now only include the sum of your lease payments, not the entire value of the vehicle as it was previously set up. Due to these changes, the Title Ad Valorem Tax or TAVT tax deals more fairly with leasing customers in Georgia.
A Few Things To Consider
- 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 your 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 a great 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 2111 Barrett Lakes Blvd., Kennesaw, GA 30144. We look forward to serving our customers from Kennesaw, GA, Marietta, Acworth and the Greater Atlanta Area.