State’s Vehicle Property Tax Ranking

According to WalletHub, Virginia has the highest vehicle property taxes. It’s followed by Mississippi, Missouri, South Carolina, Maine, Nebraska, and Massachusetts. For individuals with vehicles used exclusively for personal driving, the tax is deductible if it is value based, and is then subject to the cap on the itemized deduction for state and local taxes. Sole proprietors and independent contractors who use their car in business can deduct the business part of vehicle property taxes on motor vehicles on Schedule C of Form 1045. Business entities can deduct their vehicle property taxes without any limitation. #IdeaoftheDay