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Old 03-16-2012, 05:18 AM   #21
rwidman
Guru
 
City: North Charleston, SC
Country: USA
Join Date: Sep 2010
Posts: 4,390
RE: Question for Maryland Boaters?

Quote:
Ruthless wrote:
Well I guess we will have to pay it but I can sure think of some nice upgrades to the new boat I could buy with that $5,000. As I said before... ouch

Consider my real life experience with my previous boat:

I bought it new for $30K plus a trade in.* In MD there's not sales tax on the value of the traded in boat so I paid $1,500 sales tax.

Move forward three years or so and I move to SC with my boat.* As I recall, I didn't have to pay the $300 sales tax to SC because I had already paid sales tax on the boat.

However, I now became eligable to pay 10.5% personal property tax on my boat (and my vehicles, BTW).* First year was about $750.* Same the next year.* Then they passed a law that it could be claimed as a second home at 6% so after that my tax dropped to about $450 per year.

Which is the better deal, a one time sales tax or half that every year (declining as the boat loses value) thereafter?
*
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