Kent Prescott
Member
It will be in your Tax Returns in January 2019, yes. You will be required to place a value on it. Marine NADA Blue Book is the best way to go.
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marine personal property tax???????
- Thread starter jimmystriton
- Start date
There are a number of threads on here that address this issue, but I’ll summarize it again.
In Georgia, boats fall under Marine personal property taxes. Any combination of personal property valued over $7501 will pay taxes. That can be one boat, two boats, one boat and a business personal property account, etc. Personal property returns are mailed by the Assessor’s office as close to January 1 as possible and need to be returned by April 1.
Will you get a return? It depends on if your Assessor is keeping up with their DNR uploads. All boat data comes from DNR data (some may get found during field work though) and then is uploaded into their CAMA system. It also depends on when your boat was registered vs. when the DNR data was sent to the DOR. Sometimes a late registration won’t show up until the following year. Valuations mainly come from ABOS, although other options may be used if a boat doesn’t show up in that pricing guide. Make and model info is only as good as what comes from DNR, and it isn’t always correct. This can cause offices to place a wrong value. This is the reason it is important to open and verify your return when you get it, and not throw it in the trash.
Once the returns are processed, and if your value crosses the $7501 threshold, you will get a Notice in early summer. This is the same notice you get on your real property. This notice gives you 45 days to make an appeal if you don’t agree with the value. You can then present any data that supports your opinion of value.
Sometime after that 45 days the Assessors/Tax Commissioners will have the digest certified and can issue bills. What you pay in taxes is formulated the same for personal property as it is real property.
Fair market value
X 40%
= Assessed value
X mill rate
= tax bill
In Georgia, boats fall under Marine personal property taxes. Any combination of personal property valued over $7501 will pay taxes. That can be one boat, two boats, one boat and a business personal property account, etc. Personal property returns are mailed by the Assessor’s office as close to January 1 as possible and need to be returned by April 1.
Will you get a return? It depends on if your Assessor is keeping up with their DNR uploads. All boat data comes from DNR data (some may get found during field work though) and then is uploaded into their CAMA system. It also depends on when your boat was registered vs. when the DNR data was sent to the DOR. Sometimes a late registration won’t show up until the following year. Valuations mainly come from ABOS, although other options may be used if a boat doesn’t show up in that pricing guide. Make and model info is only as good as what comes from DNR, and it isn’t always correct. This can cause offices to place a wrong value. This is the reason it is important to open and verify your return when you get it, and not throw it in the trash.
Once the returns are processed, and if your value crosses the $7501 threshold, you will get a Notice in early summer. This is the same notice you get on your real property. This notice gives you 45 days to make an appeal if you don’t agree with the value. You can then present any data that supports your opinion of value.
Sometime after that 45 days the Assessors/Tax Commissioners will have the digest certified and can issue bills. What you pay in taxes is formulated the same for personal property as it is real property.
Fair market value
X 40%
= Assessed value
X mill rate
= tax bill
Kent Prescott
Member
Go to https://www.nadaguides.com/Boats and select Power Boats. You can find your boat there.
Kent Prescott
Member
Go to https://www.nadaguides.com/Boats and select Power Boats. You can find your boat there.
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