I am trying to do some research as to where to retire to in future, hence the question. Was under impression the property tax is a big deal. But according to info above maybe I was mistaken? How about in Tampa area? How much would I be paying for property tax?
I am trying to do some research as to where to retire to in future, hence the question. Was under impression the property tax is a big deal. But according to info above maybe I was mistaken? How about in Tampa area? How much would I be paying for property tax?
Florida does not charge sales tax on a boat brought to Florida that has been owned and registered somewhere else for at least 180 days. If you buy a boat here and intend to keep it here, then the tax in most counties is 6% with a maximum of $18,000 no matter what you paid for the boat. Almost all states will give a sales tax credit for the tax paid in another state. Registration fees for a 65 foot documented vessel are around $250 for two years.
There are no personal property taxes in Florida for boats.
As a side note if you buy a boat in Florida and you are a non-resident you can keep it here for up to 180 days with no sales tax due Florida.
Thanks brokerguy and can i follow up on this line of thought?: if the boat is bought and registered in RI where they have no sales tax, then i move it down to Florida and decide to stay there forever, would there be no sales tax? in this case, i would then only have to pay the $250 to get it registered in FLA?
Thank you guys! Yeah of course property tax is just one item on my list, not the only one. Thanks for the info! Florida is shaping up more and more clear now
We need to build a wall, and make New York pay for it!Wifey B: Sorry, Florida full and allowing no immigration from the US.
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Illinois has no property tax on boats. Nor state income tax on retirement income. Under certain situations it is an excellent state as a tax situs.
Others have pointed out you need to look at the whole tax picture before making a decision about your legal residence. If it is just keeping the boat somewhere that is different. An important issue is making sure you don't qualify for a new sales tax charge (usually you would get a credit for any tax already paid.) Maryland is a good example of this.
Most of the worst tax states (boating) are on the west coast.
Don't forget to factor in the cost of insurance. Places like Florida and the gulf coast are much higher than most other states. 2-3K$ per year is the norm for a larger trawler, and the slip fees are very high in many parts of south FL. You're gonna pay for that hot sunshine!
Another good point by someone about insurance; in FL, you essentially have to pay the higher "hurricane" insurance year round, whereas other mobile cruisers during hurricane season according to their insurance policy will always move their boats north to say Georgia from June to November...
Good point. Not only is insurance high for boats, it is extremely high for a dirt home as well, specially within 30-50 miles of the coast. Higher insurance rates offset the tax advantages in many cases. You will probably find homeowners insurance rates are 10 times higher in Tampa vice Chi-town.
Yes a $200,000 boat will cost you $2,500 per year more to have Caribbean coverage, vs stored in Georgia. However the wrong state can give you a $20,000 one time sales tax bill.
Question, if a Florida registered boat is up north during the hurricane season does it pay Florida rates?
Wifey B: True if you stayed in RI the 180 days. Now, most states do not work that way and you get penalized coming from a no sales tax state because you don't get credit for paying because you didn't pay. Every state different. Too many states. Or not enough. Which. I don't know. I vote South Florida secedes from Florida. The new state of Paradise.
Good point. Not only is insurance high for boats, it is extremely high for a dirt home as well, specially within 30-50 miles of the coast. Higher insurance rates offset the tax advantages in many cases. You will probably find homeowners insurance rates are 10 times higher in Tampa vice Chi-town.