Aircraft Appraisal

[Pietflyer]

I just got a tax bill from the county revenue dept. advising me that my 21 year old RV-4 is worth $55,000 and that I owe nearly $500 in personal property tax on it. When I told them I had bought the airplane in 2005 for $40,000 and that in the current market I probably couldn't get more than $35,000 for it, they said that their value will stand unless I have an appraisal done that shows its value is less than $55,000. Can anyone advise me where I can get an aircraft appraised, and how much it costs?

Jack in NC

[jferraro17]

http://www.plane-values.com/

[LifeofReiley]

I would pay the tax on what you feel it's worth with a statement requesting their complete and detailed appraisal information be provided to you. On your Cashiers Check, in the memo section put the Year of the taxation, N# and TAX PAID IN FULL. Keep a copy of the Check for your records. They will probably just deposit the check.

[Ron Lee]

Reiley is the man. Turn it around on them.

Of course they keep the amount high to raise taxes. Remember, tax reduction is legal...or some proper phrase.

[erich weaver]

Originally Posted by LifeofReiley

I would pay the tax on what you feel it's worth with a statement requesting their complete and detailed appraisal information be provided to you. On your Cashiers Check, in the memo section put the Year of the taxation, N# and TAX PAID IN FULL. Keep a copy of the Check for your records. They will probably just deposit the check.

Maybe. Either that, or they will deposit the check, add a delinquent penalty on to the total bill, and include your name in the local newspaper list of delinquent taxpayers.

My suggestion is to inquire about the appeal process. Im sure they have one, and this lets you get your ducks in a row, sit down with their decision makers, and hash it out. Im guessing you will get some concessions if you do your homework and come prepared.

erich

[asav8tor]

My wife hired an apprasier to determine the value of my RV4 to be used in a divorce. The apprasier had never apprasied a RV and used ad asking prices to determine a value. I'm positive the airplane was overvalued by aprox 20k from what it would actually sell for. I will probably be forced to sell and intend to file a damage claim against the appraiser.