KEVLARKAT32

N.C boaters can you please explain how the HUT tax works .
Is there a cap ?
3% for how long ?
3% on any age boat or car ?
3 % on purchase price or NADA value ?

Thanks

Cobra100+

iTrader: (3)

? First I have heard of this. What part of NC are you in?

KEVLARKAT32

I'm looking @ my options where to move and they charge you 3 % every year when you renew reg . I want to know if it caps out or simply put what the deal is

KEVLARKAT32

Ok I called NC DMV and you only pay 3 % sales tax on new purchase but you have to claim your Auto's as Property for tax purposes, can any N.C residents elaborate on this ?

jwurl

Yes, you pay personal property taxes on items like cars and boats. The price is based off of NADA book value. I pay roughly $500.00 per year on a 45K boat. Jeff Wurl

t500hps

I believe it's like VA and it's personal property tax. You pay a percentage on the value of your vehicles EVERY YEAR. Boats, cars, RV's (I think RV's have a ceiling in NC). In VA the percentage is determined by the locality you live in, each county can be different.

KEVLARKAT32

Thank you

KEVLARKAT32

Is it based on avg retail NADA ? Here is what listed on my 1988 32 Skater Base Price: $62,700 $8,700 $9,800
Options: (add options)

Outbd. Power Tilt/Trim (101-300 HP) $200 $230

See all options chosen

TOTAL PRICE $62,700 $8,900 $10,030

62 k was list price

t500hps

I don't know what they use to determine value but they do use a number that is roughly close to what it's worth and tehrefore it does drop a little each year. 10 year ago they used values that were considerably less than actual value but the last few they've gotten wise and use value that are realistic (one year my tax owed actually went up because they went to a more accurate valuation)


FYI: where I live in VA my 2007 Dually costs roughly $1,000.00 in PP tax last year. In the city of Portsmouth they have a much lower rate for boats and I pay $20 (the minimum) for a 2010 21ft center console of roughly the same value.

KEVLARKAT32

Ouch ! so lets say a 65 K viper could be 1500 yr ?