what is sales tax rate on new cars in ohio
The way that the state of Ohio applies sales tax to car leases is based on the sum of lease payments. Most states only tax individual monthly payments (and down payment). For example, in Ohio, if lease payments are $300 a month and the lease term is 36 months, the total of all payment is 36 times $300 = $10,800. If the Ohio tax rate in a particular county is 6.0%, the sales tax due on this lease would be $10,88 times .06 = $648. This amount is due at the time the lease is signed, in addition to first monthâs payment and down payment (if any). Tax is due on the down payment as well.