Chk my reply in this earlier post for the rates...
http://forum.autolanka.com/index.php?a...=&pid=76716
Yes… Theoretically you’ll have to pay the luxury/semi-luxury taxes on the due date. Penalty for late payments is 50%.
Last time I inquired, the law on the payment of the taxes is getting tougher. Since my car payments were done on time by the previous owner, I had no issue on the insurance.
I got the insurance done on the car before this one although the taxes were not up-to-date. But anyhow I cleared all the taxes (with penalties) before I sold that.
My advice is, if possible sort out the payment with the previous owner. One day you’ll have to pay the taxes with penalties when you’re ready to sell the car in few years if the new owner requests you to pay the dues. If the deal is already finalized, wait till you sell the car in few years and if necessary pay the dues then. Since the taxes are already overdue and there won’t be any accumulation of penalties, why not pay when only required.
Anyway congrats on your new acquire. Plz post some pics.