Question about fees with buying used boat

[Surfnsnowboard3]

For all the boat owners out there...

I am buying a used boat and financing it. My bank told me the DMV fees were $699. Is this right? Why the heak is it so much? I have to be missing something.

[whopperstopper]

Yes, the state get's you everytime you buy a car or boat new or used, the sale's tax depending on what county your in... 8 .75 % in o.c....or if you buy it from out of state they call it a use tax... I just bought 2008 used tracker 175txw.. $780 in fees... and me and the seller fudged the actual selling price by 5k ...thankfully saved me some $ for gas... if you guy's havent filled out the bill of sale yet ..you can shave some $ off... gotta be within reason.. they will look up value of boat if it's not believable... ...Slack lines ..lol jk

[Criss]

For all the boat owners out there...

I am buying a used boat and financing it. My bank told me the DMV fees were $699. Is this right? Why the heak is it so much? I have to be missing something.

Why don't you call the DMV and asked them why you are getting bent over.

[Surfnsnowboard3]

Why don't you call the DMV and asked them why you are getting bent over.

Now THAT'S funny. Have you ever tried calling the DMV?

[Surfnsnowboard3]

Yes, the state get's you everytime you buy a car or boat new or used, the sale's tax depending on what county your in... 8 .75 % in o.c....or if you buy it from out of state they call it a use tax... I just bought 2008 used tracker 175txw.. $780 in fees... and me and the seller fudged the actual selling price by 5k ...thankfully saved me some $ for gas... if you guy's havent filled out the bill of sale yet ..you can shave some $ off... gotta be within reason.. they will look up value of boat if it's not believable... ...Slack lines ..lol jk

I understand the sales tax now. But if I were to pay the guy. Ash for the boat, where does the sakes tax come into play for that?

[viperman100]

just like when you buy anything else in this state, they want the tax for it, you do with your car also. Like the first reply said, the only way to lighten the blow is to fudge the selling price on your bill of sales and on the pinkslip as well. Boats are a little easier to fudge the price on because you can always claim it needing work. Good luck, and enjoy your new boat.

[DockRat]

I have to pay a Calif Luxury Tax because it sits at a dock.

Found this message.

The tax varies on the County that the boat is in. The tax is usually somewhere between 1-1.25 % of the selling price of the boat. If no price is established, then the Assessor may use the NADA price guide for a value to go by. The tax will come as a "Property Tax" assessment and not a luxury tax. This way the tax is deductible if it meets certain qualifications. I know this because one of my boats has "Secondary Residence" status.
BTW, I live in the SF Bay area and have owned boats for over 35 years in California. What Capt. John mentioned may be true in TX where he is, but here in CA, it's the County that the boat stays most of the year. The boat will become part of the "Property Tax Roll" in the County that it resides in most of the year. In some cases, if you rent a dock space in certain City's, you'll also be paying the Property Tax Assessment for that slip. I know cause I have to pay it every year.

Source(s):
40+ yrs boating experience, Boating Safety Instructor, member of United States Power Squadron, owner of 60' motor yacht and 26' Express Cruiser
10 months ago Report Abuse


Check this site.

http://www.lao.ca.gov/2006/vesseltax/vesseltax_050206.html
DR

[chris]

ya sounds about right. they get you when you get it, they get when you gas it, they get you when you use it and then they send an assesment fee every year whether you use it or not. part of the initial fee is a luxury tax isn't it? oh well it'll all be worth it when you start into that throttle and get up on plane, makes me smile everytime.

[karlow]

It's simple.
In So Cal, the sales tax is about 10%.
The trailer and boat transfer fees and reg may be about $50.
I would say you picked up a nice ride for about $7000.
Am I right?

KP

[Surfnsnowboard3]

It's simple.
In So Cal, the sales tax is about 10%.
The trailer and boat transfer fees and reg may be about $50.
I would say you picked up a nice ride for about $7000.
Am I right?

KP

Sure am. Taking it out to DVL for its debut this weekend