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Originally Posted by GonzoF1  Still curious as to the rate I may be on-the-hook for? Just got a 35' trawler in July ($70K) and I'm worried about a huge bill after the new year that I can't pay. |
First, you have to say what state and what county you live in or keep the boat in before anyone can give you an accurate response.
Second, the taxes should not be a surprise to you, just as dockage and maintenance, they are part of the cost of ownership. Plan on paying them.
In SC, you pay personal property taxes on your boat in the county where you live, not necessarily where you keep the boat (assuming it's kept in SC for more than 180 days out of the year). I believe, but am not certain, that if you live outside of SC but keep your boat in SC for more than 180 days out of the year, your taxes are paid to the county where the boat is kept. Same thing if the boat is owned by a company or corporation.
In SC,you pay taxes for the entire year based on ownership as of January 1 of that year. I bought a boat in February so I paid no personal property tax on it for that entire year. I sold a different boat in the summer so I paid taxes on that boat for the entire year.
In SC and my county, a boat may qualify as a second home for tax purposes if it has a head, sleeping quarters, and a galley. As a second home, the tax rate is 6% rather than 10.5%.
Where it becomes difficult to predict is; the boat is valued by the assessor based on whatever information they have. "Blue book value or such. Then, a "millage rate" is applied to that value and the tax is applied based on the value multiplied by the millage rate.
The millage rate is based on the county's revenue needs and can be different for different counties and can go up or down each year.
So - if you want to predict your boat tax, find the value, multiply it by the millage rate, then multiply the result by the tax rate (10.5% or 6% as appropriate). Or call and ask.
