its kinda like a title
What does this do for your boat or owning one? If I move to VA can it help me get out of the luxury tax??
its kinda like a title
what luxury tax? I bought a documented bought in VA, it is 2% sales tax instead of the normal 5% if the boat is documented.
where in va. are you going to move ? it may or may not be worth it.
Personal Property tax can be hit or miss in VA. Obviously you won't have to pay sales tax on the boat.
In my county PP tax is 4% under 5 Net Tons, and 1% over 5 Net tons. The next county over is 1%. Hampton virginia is 0%.
It all depends on locality. My county caught me on the property tax, but other neighbors of mine have never been found. It is very hit or miss. If i was you I would just move and never mention that you have the boat. I don't think they will ever find you....
This topic has been discussed quite a bit here. Do a search. As for your state, you better find out how they tax you. Some states , like Illinois where I live, call it a users tax/fee.
Government is slowly closing all the loopholes.
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It will be Stafford County I was told that having a boat USCG exempts you somehow, I figured it wasn't true, that would make it too easy. Stafford County has a 5% personal property tax PER YEAR WTF????
Documentation is usually to provide a better record of ownership for banks and insurance companies, but it can save you money on annual state registration fees (not required for documented vessels in MD) in some cases.
Every state has it's own rules. Find someone who REALLY KNOWS, or you could get in trouble. A lot of Maryland boaters buy and register/document their boats in Delaware where there is no sales tax. Maryland wants it's 5%, so the DNR regularly inspects marinas and slips, recording vessel ID's and marina sales records. If you try to cheat it, they can charge you what you owe, plus 10% of your boats purchase price PLUS a fine, PLUS interest...
There are identification requirements for documented vessels as well: name and home port (4" high mininum) on the outside, and an ID number permanently affixed or sealed to the inside of the boat. Overall, I felt that it was a good deal. If nothing else, I got to take the registration numbers off of my boat.
Retired! Boating full-time now.
C Spray is right......and where you will store your boat will have a huge impact on what you can "get away with".
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