Need Help With Sales Tax
Hey guys, I know this isn't quite the right place for this but I need some help, desperately. My mother and I don't understand this at all and don't know where else to ask. Just got a letter from the NJ Treasury stating we didn't fully pay the sales tax on my Mustang.
According to the N.A.D.A published value:
NADA Value : $17,725
Tax Based on NADA Value: $1,240.75
Less:Tax Paid: $826
Balance Due: $414.75
In the itemized written documents from the dealer, it shows the breakdown of sales tax which is $1,034.95 in the total cost of financing the vehicle.
So basically the car was listed at $14,785 + $1,034.95(7% TAX) = 15,819.95 (Total Amount financed).
We are from NJ and bought the car from a used car dealer in Queens, NY. We are so lost and any ideas about what all this is will be greatly appreciated. What is this NADA value? And why are they going off that if I the car was listed as a cheaper price?
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