Tax Valuation vs. real world question

[Cocktail Time]

I just got my annual valuation from our county tax assessors office. It is down just slightly from last year but is still almost double what I am told my boat would sell for and or what a bank would value it at. Does anyone have any advice on what info to provide if I appeal it? Or, is there a down side to appealing this I should be aware of?

Thanks!

 

[comsnark]

I would start by talking to the tax office.

. . . they probably have a full blown checklist of documents and things you need to provide.

 

[Kameroo]

I print off the NADA and take it to them. Those values work well for this circumstance.

 

[Redhook98]

They valued mine at about 1/3 of real market value. I like that!

 

[rcknecht]

Why do you have to pay a tax on the boat??? It is not real estate... Even in the comunist state of NJ we only pay sales tax once on a boat... If you keep a boat long enough so it has negative value, does the state pay you???? Seems like the tax is some socialist way to redistribute money...

 

[Redhook98]

I agree, but they still tax us every year. We have to pay taxes on property and all vehicles/trailers each year. The tax on my boat in 2009 was $312.00. Not to bad. They valued it at $12,500. It was an insult until I remembered it was in my favor. In lots of areas in VA, you have to pay City AND County taxes. They get you both ways. Luckily I have my boat in one of the only 2 cities in VA that do not tax boats.

 

[comsnark]

Rod;

NJ has high real estate taxes.

Other states have low real estate taxes. . .but have things like "personal property" taxes. Either way. . .the goobermint is out to get you.

 

[Southpaw II]

Register your boat in Mississippi.

 

[C-SIDE]

Stop the madness. A few points:

1 - assessed value is a lot different than market value. You are comparing apples to oranges. Your house for example, has a lower assessed value than what its market value is.
2 - why are you upset that your assessed value is less anyway. Doesn't that mean you pay less in taxes? If you want to pay more in taxes, I'm sure the state takes donations. Better yet, I'll take it :grin:

Sucks you have to pay taxes on your boat anyway

 

[Dave S]

Cocktail Time.................If you are reading your tax bill correctly and the actual value of your boat is higher than it would bring at resale then by all means appeal the tax bill. I appealed the valuation on one of my cars last year for my personal property tax. I valued the car at retail using KBB and Edmunds. I sent the printouts to them and they changed my tax bill. I would think an NADA printout for your boat would accomplish the same thing. Just get on NADAs web site to price your boat.

Dave

 

[highslice]

Stop the madness. A few points:

1 - assessed value is a lot different than market value. You are comparing apples to oranges. Your house for example, has a lower assessed value than what its market value is.
2 - why are you upset that your assessed value is less anyway. Doesn't that mean you pay less in taxes? If you want to pay more in taxes, I'm sure the state takes donations. Better yet, I'll take it :grin:

Sucks you have to pay taxes on your boat anyway

You ought to come to Missouri. My house was valued last year about 20% over market. Problem was the time and expense to appeal was more than I would save on appeal. they lowered assements this year.

I had to send an e-mail to the county our boat is registered in to ask themfor a tax bill. I can't wait to get it...:smt021, but I won't be able to renew my state registration without it.