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Is your boat documented?

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Old 02-20-2007, 10:25 AM
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If you document the boat you can avoid the state (sales) registration tax right??? But if the locality you keep your boat in knows it's there the majority of the year they are still going to want Personal Property tax though...correct?
For NJ
This was the loop hole in NJ until they figured it out. Now all documented boats have to be registered as well. You pay tax at the time of registration.

The other trick was to register them in Deleware which didnt have sales tax requirments. Now they petrol the marinas looking for DE registrations that are kept in NJ.

Other state may be different obviously.
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Old 02-20-2007, 10:36 AM
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In NJ you also have to register the boat...every year.
Pay up sucka
I never said I didn't register in the state, I just pointed out that you don't get charged every year for renewal unlike the state does.

They told me I didn't have to post registration #'s on the side but I put them up anyway. I don't need any more reasons for them to pull me over.
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Old 02-20-2007, 10:49 AM
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the state sticker needs to be on the boat but the numbers do not.
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Old 02-20-2007, 10:53 AM
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WI you pay sales tax regardless and must also register with State every 2 yrs for dues. I think around 70. every 2 yrs.
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Old 02-20-2007, 11:00 AM
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Most finance companies will charge $495 - $550 depending on the cost of the USCG documentation company they use (not a huge mark up here boys). Cost for the finance companies is $480 - $525.

If you have a loan on your boat in excess of $100k USCG Doc is mandatory. If the loan is less than $100k and the boat is over 26ft they can also make you document the vessel.

If you are going to have a loan on the boat there is a 99% chance the bank will not allow you to document the boat yourself. They will want a professional finance company to do it to ensure that the preferred ships mortgage is perfect and their are no issues regarding the lien placement.

For those of you who would like to register your boat in Delaware, visit: www.delreg.com

Yes - having a Delaware sticker on your boat is a red flag but what if you have no sticker??
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Old 02-20-2007, 11:12 AM
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If you have a loan on your boat in excess of $100k USCG Doc is mandatory. .

Was not mandatory for me. Citizens Bank in OH. I live in WI.
Purch. boat in IL.
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Old 02-20-2007, 11:13 AM
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They didn't even remind to put their name on title as lien holder, but I did it anyway.
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Old 02-20-2007, 11:52 AM
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Your state must have allow Documentation in Lieu of Tax in order to avoid the sales tax. I know Missouri has the provision but dont know what other states have this provision. Even though my boat is documented i still have to register it in the State of Missouri and pay for the registration. You do not need to put the registration stickers on each side if your boat is documented you just need to put on the state sticker. I would not document unless your state has the In Lieu of Tax provision or my lender required me to as there would be no benefit.
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Old 02-20-2007, 11:54 AM
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It was a paint to get ours documented with the CG. It took almost 9 months and we had already sold the boat. The first 2 times we did it, it was fast!

The local fuzz had a great time with us b/c it took forever.. They were d!cks
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Old 02-20-2007, 12:35 PM
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Quote:
Originally Posted by DaveP View Post
Most finance companies will charge $495 - $550 depending on the cost of the USCG documentation company they use (not a huge mark up here boys). Cost for the finance companies is $480 - $525.
If you have a loan on your boat in excess of $100k USCG Doc is mandatory. If the loan is less than $100k and the boat is over 26ft they can also make you document the vessel.
If you are going to have a loan on the boat there is a 99% chance the bank will not allow you to document the boat yourself. They will want a professional finance company to do it to ensure that the preferred ships mortgage is perfect and their are no issues regarding the lien placement.
For those of you who would like to register your boat in Delaware, visit: www.delreg.com
Yes - having a Delaware sticker on your boat is a red flag but what if you have no sticker??
Dave
Why do the banks require documentation.
They must see an advantage to it.
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