Property tax is payable one you get your airworthiness certificate and is payable to the county where it is based, not the county you live in. Also, it isn't due the year you finish.
This is different from my experience. I kept a plane in a different county for 17 years, but my property tax was based on my county of residence. As Bill says, check with your accountant or just call your county tax office to find out for sure.
What if you?re a resident of a different state? One of the contenders for an airport when I finish is Ridgeland (3J1) but I live across the river in the Savannah area. Do you get hit with double taxation?
What if you?re a resident of a different state? One of the contenders for an airport when I finish is Ridgeland (3J1) but I live across the river in the Savannah area. Do you get hit with double taxation?
What if you?re a resident of a different state? One of the contenders for an airport when I finish is Ridgeland (3J1) but I live across the river in the Savannah area. Do you get hit with double taxation?
Just goes to show why you need to talk to an accountant. Every county is slightly different.This is different from my experience. I kept a plane in a different county for 17 years, but my property tax was based on my county of residence. As Bill says, check with your accountant or just call your county tax office to find out for sure.
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
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.
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'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.