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  #11  
Old 04-21-2020, 06:12 PM
mndless mndless is offline
 
Join Date: Jun 2019
Location: Chas. SC
Posts: 17
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County of residence for me
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Tony, Chas., SC
1st build - rv10
N584TA - Reserved
Working on the tail
QB Fuse ordered
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  #12  
Old 04-21-2020, 06:32 PM
MED MED is online now
 
Join Date: Jul 2015
Location: Aiken, SC
Posts: 717
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Quote:
Originally Posted by RV10Pilot View Post
At a minimum, make sure you save your receipts so you can justify / support the actual cost of the finished plane, vs the tax man wanting tax on what they think it is worth.
One thing my county allowed was calculating the value using the cost of the components only (i.e., airframe, engine, prop, avionics), not including any labor costs from construction of the QB components and panel construction. YMMV
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  #13  
Old 04-21-2020, 06:42 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,341
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Quote:
Originally Posted by MED View Post
One thing my county allowed was calculating the value using the cost of the components only (i.e., airframe, engine, prop, avionics), not including any labor costs from construction of the QB components and panel construction. YMMV
That's a good deal. CA charges sales/use taxes on all the parts; but the property tax is the market value of the airplane, based on comparable sales. I had to argue with them to reduce my appraisal because I don't have a fancy interior or paint job.
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  #14  
Old 04-22-2020, 06:40 AM
JET14 JET14 is offline
 
Join Date: Aug 2019
Location: Ridgeway, SC
Posts: 11
Default SC Property taxes

Quote:
Originally Posted by JAC View Post
Can any RV-14 builders in South Carolina give me an idea of the taxes sales or property that will be levied against the aircraft and when they have to be paid. I will be purchasing the QB fuselage and wings this week and presently Van?s does not collect SC taxes.
I live in Fairfield County and talked to them before I ordered. I owe no taxes until the airplane is registered and ready to fly. They will let me value the airplane as long as my estimate is reasonable. I asked what the taxes would be on an aircraft with a value of 120K and it was around $2800/year.
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  #15  
Old 04-22-2020, 07:15 AM
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N941WR N941WR is offline
 
Join Date: Jan 2005
Location: SC
Posts: 12,887
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Quote:
Originally Posted by JET14 View Post
I live in Fairfield County and talked to them before I ordered. I owe no taxes until the airplane is registered and ready to fly. They will let me value the airplane as long as my estimate is reasonable. I asked what the taxes would be on an aircraft with a value of 120K and it was around $2800/year.
Only give them the price of the fuselage kit, prop, and engine. The panel depreciates like a computer.

In my case, it is based on my first engine, which I paid $3500 for and a slow build kit. (They don't know if you have a quick build or a slow build kit.)

When they asked for a picture, I sent them one of it unpainted, which at the time, it was unpainted.

I have also found they depreciate the amount every year, same as a car.
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RV-9 (Yes, it's a dragon tail)
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www.repucci.com/bill/baf.html
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  #16  
Old 04-07-2021, 08:55 AM
NinerBikes NinerBikes is offline
 
Join Date: Dec 2018
Location: Granada Hills
Posts: 1,121
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Quote:
Originally Posted by BobTurner View Post
That's a good deal. CA charges sales/use taxes on all the parts; but the property tax is the market value of the airplane, based on comparable sales. I had to argue with them to reduce my appraisal because I don't have a fancy interior or paint job.
I bought my RV-12 during the height of the COVID situation last year at a very good price.

Very difficult to even get a flight from Southern CA to Savannah GA at a decent hour.


I've seen the price of RV-12's skyrocket since then, while my plane has gotten a year older and another 100 hours on it, since the time I bought it with 170 hours on it.

Pretty sure CA is going to try to tell me that's not fair market value. Will have to show them the check I gave the seller.
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  #17  
Old 04-07-2021, 01:27 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,341
Default Bad news

Quote:
Originally Posted by NinerBikes View Post
I've seen the price of RV-12's skyrocket since then, while my plane has gotten a year older and another 100 hours on it, since the time I bought it with 170 hours on it.

Pretty sure CA is going to try to tell me that's not fair market value. Will have to show them the check I gave the seller.
CA appraises property every year, on Jan1, for their fair market value. You get the tax bill in august. If prices ‘have skyrocketed since’ you bought it, showing them the purchase check may not help. But it won’t hurt.
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