Property Taxes on Boats

[sandm]

man oh man. I'll echo the others in that it's nuts...

I wouldn't have ever owned a boat if I was spending over a few hundred in registration costs each year.
my "long discussion" with the CFO would be how to sell the boat.

[larry_arizona]

https://dor.sc.gov/tax/casual-excise

In the first part of this description, I see it says not to exceed $500.


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[mgswake]

@larry that's the tax I the DNR payed when I purchased the boat. There is also an annual tax at 10.5% of fair market value which goes to the county as a property tax.

https://www.dorchestercountysc.gov/g...low%20criteria.

[sandm]

https://dor.sc.gov/tax/casual-excise

In the first part of this description, I see it says not to exceed $500.

I saw that when I looked as I couldn't believe it was that much. as near as I could figure out, what you posted is just on the actual purchase. there's a yearly tax on the boat similar to car registration only they call it a use tax and then charge a fee for the numbers on the side.
go here and plug in a 180k boat in the "other" and see what you get: http://www.lex-co.com/scripts/cgiip....ng/vTaxEst.htm

nevada is similar in that our cars get charged a "registration" and then a tax on the vehicle based on nada value but it's nowhere near what SC is charging. our 2020 camaro ss runs us $600/yr on a 45k ride. boats don't pay it as it's vehicle not watercraft. taxes go to roads afaik. looks like SC is using it to fund schools.

** edit mgs replied prior to me

[Mxmark4]

Send me your title and a check for TN registration. I will mail you back reg numbers and a bill of sale for boat. Dont let the man get you! Thats rediculous ! One time tax on purchase and then a 3 year reg sticker is about 100 bucks here. Hate that SC is tryin to bend you over on that. I just picked up my boat last night and gonna have to shell out about 7k on taxes for it when I go register it.

[mgswake]

@Mxmark4, I've looked into other states where family live, but I do not have the title, the bank does. If I had the title I would look at possibly selling to a friend or family out of state.

[Holdmybeer]

Check with a tax pro.
It reads on other sites that SC uses 10.5% of the value and then taxes that value at some rate based on county.

Total tax bill should be 2% or less of total boat value.

However, I'm in Ohio. $65 for 3 yrs on watercraft reg

[eder10986]

Check with a tax pro.
It reads on other sites that SC uses 10.5% of the value and then taxes that value at some rate based on county.

Total tax bill should be 2% or less of total boat value.

However, I'm in Ohio. $65 for 3 yrs on watercraft reg

That’s what NC does.

We pay max of like $1,200 sales tax or 7% or something like that.

Then our trailer and boat registration for 4 years isn’t terrible. A few hundred dollars.

Then we pay annual property taxes based on the county where the vessel is registered at.

For example, we live in orange county, which a the budgets taxed county in NC. My brother lives in Charlotte and that’s Mecklenberg and taxed much lower.

We use the boat in Orange but it’s registered in Mecklenberg saving ~$150 a year. Our yearly tax rate is ~$650 on the boat.

Been here for 10 years and NC is also the only state I’ve lived in where we pay property taxes on vehicles. So that sucks too.

For your sakes, I’m hoping they’re incorrect. Because 10k a year in taxes is more than I pay for our home in the highest taxed NC county. That’s wild


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[Mxmark4]

In TN we dont have titles either. Bank just has a lein on it. A bill of sale to family in another state could get you by possibly as long as your bank didnt find out. Maybe a Montana LLc the way giys do to avoid tax on exotic cars?

[sandm]

Maybe a Montana LLc the way giys do to avoid tax on exotic cars?

I have seen several lambos and Ferraris here in sin city with Montana plates. Now I know why