Tax Time

[OnTheH20]

As if the Sales Tax paid on the purchase, and the Gas Tax paid on every gallon I burned this past summer wasn't enough, "The Man" is demanding an Ad Valorem tax each year for owning the boat.

The forms need to have costs for the boat, engine and trailer broken down seperatly. Does anyone know what the depreciated values for:
(1) 2005 Mobius LSV
(2) Indmar 350 MPI Engine (325hp version)
(3) Boatmate, single axle trailer

Thanks!

[Smrtz]

That is just brutal....any idea what the value of this tax is going to be.. and what is the actual reason for this tax?

[OnTheH20]

It a review stream for the county. We have an ad valorem tax on automobiles too. This is the first year owning the boat so I don't know what the rate table looks like or how much I should expect to pay.

We own a 2003 Tahoe which I think they value around $20K-$25K. The ad valorem tax on that was around $300. I don't want to over value the boat and be taxed more than I should. But at the same time, I don't want to under value it and cheat the system.

For insurance, I was told the trailer value is about $2500. I just don't know what the split is between hull and engine. I can "back into" the boat value IF someone could clue me in on the engine cost. Has anyone had to repair/replace their engine and can give me an idea what the cost is?

[Smrtz]

Wow that just blows my mind! Its like you buy something then pay rent on it every year?
Well I guess something has to support Mr spend happy in the whitehouse. I guess I shouldnt talk We dont have stuff like that but a 24 costs us almost 3x as much here as it does for you guys...now if you extrapolate that over the year...hmmm Id almost rather have the cheap beer and teh extra tax!