Virginia DMV cautions dealers that title tax remitted after 12 noon, June 29 must reflect increased rate of 4%

Virginia DMV cautions dealers that title tax remitted after 12 noon, June 29 must reflect increased rate of 4%

Pursuant to the passage into law of the sweeping transportation initiative in Virginia earlier this year, and the enumerated tax increases to fund it, including the title tax on vehicle sales, the Department of Motor Vehicles today cautioned dealers to take care to remit title taxes reflecting the higher rate that is effective July 1, 2013.

Referencing well established DMV policy on this, DMV alerted dealers that it will be the date and time the agency receives the title tax and not the date of sale if its before July 1, that will determine the level of tax payment. In other words, the increased level of 4% will be required on all title tax remitted after 12 noon, June 29 (June 30 being Sunday).

For a copy of Assistant DMV Commissioner Karen Grims memo on this, click here.