windmill29130
Guru
- Joined
- Jan 22, 2011
- Messages
- 716
- Vessel Name
- JAZ
- Vessel Make
- Ta Chaio/CT35
There are major differences between tax evasion and tax avoidance. Tax avoidance is legal.
There are major differences between tax evasion and tax avoidance. Tax avoidance is legal.
For my friend...what's up with the crazy "personal property tax" on boats...I know he knocked his way down...and other tricks?Moonstruck's hailing port is Charleston, SC. Wonder why?
Yeah but when my buddy moved there with his 42 Catalina...his annual personal property tax was going to be an annual tax that was the same as most one time sales taxes in other states...
Then after months of research and wrangling..there are ways of reducing it to a fraction...but it still is going to be more than a 6% sales tax if he remains there with that boat for say 10 years.
Can't say exact numbers as I forget...but this starts to sound like the classic what states are better for taxes thread....it all depends on your personal financial situation.
As bad a Jersey is for taxes...they don't tax my military retirement and living on a boat I don't have their huge property taxes. So for me it's an OK state to live in...for most retirees with a taxable pension that want to live in certain areas...their property taxes alone exceed $20,000/year, let alone their income taxes.....
For my friend...what's up with the crazy "personal property tax" on boats...I know he knocked his way down...and other tricks?
Boats are taxed on 10.5% of their assessed value – No, the tax is not 10.5% of the boat’s value – only 10.5% of the boat’s value is taxed. The local millage rate determines the actual tax. This works out to about about 1.2% of the boat’s value in some counties. The 10.5% rate is set in the State’s Constitution.
In certain counties, a qualifying boat may be claimed as a primary residence and the tax is based on 4% of the boat’s value. A qualifying boat may be claimed as a second home and the tax is based on 6% of the boat’s value. Individual counties may also reduce the tax to the 6% level on all boats by local county ordinance.
For my friend...what's up with the crazy "personal property tax" on boats...I know he knocked his way down...and other tricks?
Move to South Carolina, the maximum amount of sales tax on any purchase is $300!
Maximum Sales Tax
But from memory I beleive SC has a hefty property tax like CA does it not ?
The last time I checked a boat is taxed SC same as a home.
So, if you buy a boat in Florida, pay the sales tax in Florida but document it in another state, you can stay in Florida as long as you want?
So, if you buy a boat in Florida, pay the sales tax in Florida but document it in another state, you can stay in Florida as long as you want?