I paid into escrow on each sale during the year. Why would I owe more taxes after the 12 months of reporting/paying?

Your escrow payments are based on the sales in the current year, but your tax is based on the prior year sales. If the current year sales are less than the prior year sales, your dealership will owe more than you have placed in VIT escrow.

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1. When is my Annual Declaration due?
2. How is my dealership(s) value determined?
3. Will I be notified of my current year’s value? What if I do not agree with the current year’s value?
4. Who do I need to notify if my mailing address is different from the dealer physical location?
5. I have been issued a dealer number but have not started the business. Am I required to file the Monthly Statements / Declaration?
6. Do I need to notify someone if my dealership is closing or moving?
7. Why is it necessary to inform county and agencies of moved businesses or closed businesses?
8. If I move during the year, will my tax factor change?
9. How is my dealership(s) VIT rate calculated?
10. When is each monthly statement and/or payment due?
11. Why do I have to file monthly forms each month if I don’t have any sales or own inventory?
12. Are penalties assessed for filing monthly statements after the due date?
13. If I sell an inventory item out of county or out of state, do I still need to pay the Vehicle Inventory Tax (VIT)?
14. If all sales are dealer to dealer, do I have to file? Is there an exception?
15. Can I opt-out of reporting monthly with an active license?
16. Can my dealership send a computer listing of sales?
17. Will my dealership’s VIT tax rate change from year to year? Why?
18. I paid into escrow on each sale during the year. Why would I owe more taxes after the 12 months of reporting/paying?
19. Do I need to pay Vehicle Inventory Tax (VIT) on dealer-to-dealer, fleet, or subsequent sales?
20. Do I need to collect Vehicle Inventory Tax (VIT) if my business begins after January 1? When should I start collecting/paying the VIT?