States with no sales tax: Alaska (certain cities, counties and boroughs require RIAC to collect sales tax), Delaware, Montana, New Hampshire and Oregon. Sales tax is required to be collected and remitted in all states except the following:
Buyer agrees to pay RIAC the actual amount of tax due if the incorrect amount of sales tax was collected at the time of purchase for any reason. Any purchaser claiming a sales tax exemption yet unable to provide satisfactory proof to RIAC at the time of payment will be required to pay the applicable tax to RIAC and thereafter seek a refund from the applicable state. Please refer to our website,, for additional information regarding resale certificates.
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To establish a tax free sale, a copy of a valid reseller’s permit or other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC’s satisfaction. Generally, all items included on the invoice are taxable. If the item is picked-up from the RIAC facility or shipped to an Illinois address, Illinois sales tax of 8.5% will be collected. The sale tax is based on the ship to address. A Marketplace Facilitator is required to collect sales tax from the buyer and remit such sales tax to the state to which the items are shipped. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium, which includes the additional 1% of the hammer price if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, payable by the purchaser.
The premium, which includes the additional 1% if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, is added to the purchaser’s successful bid and the two together equal the total purchase price. In addition, if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be an additional 1% of the hammer price added to the buyer’s premium. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. If the account is settled by credit card, the buyer’s premium then shall be the standard 18.5%. The buyer’s premium shall be reduced to 15% provided the payment is paid by cash or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). All bid prices 'hammer prices' ('hammer prices' mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 18.5% payable by the purchaser. Cash Payment Discount: 3.5% Participation Requirements: Valid Credit Card required for bidding approval Payment Options: Visa, MasterCard, Discover, American Express, Check, Money Order, Wire Transfer, and Cash Visa MasterCard Discover American Express Payment Instructions: PROXIBID BUYERS WILL BE CHARGED AN ADDITIONAL 3% ON TOP OF THE ROCK ISLAND AUCTION BUYERS PREMIUM EXPLAINED BELOW.īUYER'S PREMIUM.
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