Since not being a boat owner on USA (or US citizen) but checking a future option to joint ownership with an USA citizen ( a relative of mine) , I was wondering :What does it cost-to a US citizen CA resident- to own a boat medium size,75000$ value,( for pleasure not bussiness) in USA or abroad ,registered in USA, in term of taxes , fees , both state and federal , one time , periodical , or yearly ( excluded insurance). What is the less expensive way to do it ? (if more than one formal option available). Many thanks , Alex.
- Status
Sure you want to know???
Well to start with there's "Sales and Use" tax levied by the California State (sometimes city and county as well) at around 7.5% ($5625 on the $75,000 boat). Then there is "Personal Property Tax" which hits you every year for about 1.1% of the appraised value ($825). Then depending on whether you state register of Coast Guard document there are fees (several hundred$). I might have missed a few but you can see the taxes on your hypothetical $75,000 boat are pretty high. Now, there have been many ideas kicked around about how to avoid these taxes mostly by buying out of state/foreign registery/delivery offshore, etc. My guess is that most of them won't work but maybe if you registered it in Israel you might avoid some? All this talk of taxes has me depressed, think I'll go sailing !
Well to start with there's "Sales and Use" tax levied by the California State (sometimes city and county as well) at around 7.5% ($5625 on the $75,000 boat). Then there is "Personal Property Tax" which hits you every year for about 1.1% of the appraised value ($825). Then depending on whether you state register of Coast Guard document there are fees (several hundred$). I might have missed a few but you can see the taxes on your hypothetical $75,000 boat are pretty high. Now, there have been many ideas kicked around about how to avoid these taxes mostly by buying out of state/foreign registery/delivery offshore, etc. My guess is that most of them won't work but maybe if you registered it in Israel you might avoid some? All this talk of taxes has me depressed, think I'll go sailing !
toughie
I've heard that owning a sailboat costs ABOUT $100 per foot of boat. For example, a 25 foot boat might cost, on average, $2500 per year. Keep in mind that some years will be more expensive than others, especially if you need a bottom job. I recently read an article in here about a company on the SW coast of Fla that does something similar to a time share for a new 41 Beneteau. You dont actually own the boat but buy into time you can use it per year, sounded like a good way to have use of a boat without all the BS. Their wed site was (I think) sailwindquest.com, either way, sailing is gonna cost...the question is whether or not it's worth the cost to you.
I've heard that owning a sailboat costs ABOUT $100 per foot of boat. For example, a 25 foot boat might cost, on average, $2500 per year. Keep in mind that some years will be more expensive than others, especially if you need a bottom job. I recently read an article in here about a company on the SW coast of Fla that does something similar to a time share for a new 41 Beneteau. You dont actually own the boat but buy into time you can use it per year, sounded like a good way to have use of a boat without all the BS. Their wed site was (I think) sailwindquest.com, either way, sailing is gonna cost...the question is whether or not it's worth the cost to you.
On our 1985 H'31.
Storage: Usually from $3/ft-12/ft depends on many things especially where you are located. In seasonal areas they ususally charge you for a lift & splash and dry storage too. Utilities: Many marinas charge for electricity, some include it in the monthly rental. Insurance: Depending on your sailing areas and if you are going off shore. We pay about $350/yr on our 31'. Obviously this has to do with the type of policy (replacement cost coverage etc) and the value of the vessel. Taxes: In the state of California they charge based on the value of the boat and this runs about 1% of the assessed value of the vessel. In Nevada they charge a flat fee based on the size of the vessel. Registration: In the state of CA. this is about $5/yr. In NV this is included with your taxes. Maintenance: This is the UNKNOWN. This can be from serveral hundred dollars to several thousands. Replacement of belts, hoses, wiring, pumps, heads, faucets, oil, filters etc. Semi-annual bottom jobs ($15/20/ft). Then you have the expensive parts like sails and rigging. It is usually and endless flow. Then of course engine repairs, props, alternators, water pumps and every other thing that can go wrong (ie: compress post replacment). On an average we spend about $700/month + maintenance items. This includes the payments ($40k loan), insurance, fees, berthing and bottom maintenance. The boat stays in the water year round. And don't forget the new toys. Dodgers, biminis, dinks, GPS, computers.....
Storage: Usually from $3/ft-12/ft depends on many things especially where you are located. In seasonal areas they ususally charge you for a lift & splash and dry storage too. Utilities: Many marinas charge for electricity, some include it in the monthly rental. Insurance: Depending on your sailing areas and if you are going off shore. We pay about $350/yr on our 31'. Obviously this has to do with the type of policy (replacement cost coverage etc) and the value of the vessel. Taxes: In the state of California they charge based on the value of the boat and this runs about 1% of the assessed value of the vessel. In Nevada they charge a flat fee based on the size of the vessel. Registration: In the state of CA. this is about $5/yr. In NV this is included with your taxes. Maintenance: This is the UNKNOWN. This can be from serveral hundred dollars to several thousands. Replacement of belts, hoses, wiring, pumps, heads, faucets, oil, filters etc. Semi-annual bottom jobs ($15/20/ft). Then you have the expensive parts like sails and rigging. It is usually and endless flow. Then of course engine repairs, props, alternators, water pumps and every other thing that can go wrong (ie: compress post replacment). On an average we spend about $700/month + maintenance items. This includes the payments ($40k loan), insurance, fees, berthing and bottom maintenance. The boat stays in the water year round. And don't forget the new toys. Dodgers, biminis, dinks, GPS, computers.....
COST OF SAILING
The 450,1999 cost me 300,000 and we live aboard in N.y But we went a little overboard[pun].We have a 50,000 mortgage,luckly I had a good trade in.I dont want to add up the rest it would make me sick, but it is said that living aboard is cheeper and by the way the other responses talk, it is much cheaper in Calif.
The 450,1999 cost me 300,000 and we live aboard in N.y But we went a little overboard[pun].We have a 50,000 mortgage,luckly I had a good trade in.I dont want to add up the rest it would make me sick, but it is said that living aboard is cheeper and by the way the other responses talk, it is much cheaper in Calif.
boating cost
The money that I have tied up in my boat(initial cost,sales tax,insurance, transporting etc) Plus the monthly cost (berthing, property tax, hauling etc) is at about $1700 per month. I take into account the fact that the money that is tied up (the boat is paid for) could be drawing 7% interest in the computation...The boat is three years old and its a Catalina 380
The money that I have tied up in my boat(initial cost,sales tax,insurance, transporting etc) Plus the monthly cost (berthing, property tax, hauling etc) is at about $1700 per month. I take into account the fact that the money that is tied up (the boat is paid for) could be drawing 7% interest in the computation...The boat is three years old and its a Catalina 380
High Rollers
Here in Missouri my 28 costs me 300 for insurance, $16 for registration and 1200 for the slip for the year and $250 in taxes. Strange that people complain about this as being extravagant. We may not have the scenic view as in California but we do have electricity at the dock. Just kidding. All in all I would gladly pay more to be able to cruise outside our mud puddle.
Here in Missouri my 28 costs me 300 for insurance, $16 for registration and 1200 for the slip for the year and $250 in taxes. Strange that people complain about this as being extravagant. We may not have the scenic view as in California but we do have electricity at the dock. Just kidding. All in all I would gladly pay more to be able to cruise outside our mud puddle.
Cost of boating
For my '94 Beneteau 40, I figure right around $6000 a year, not including boat payments (Paid cash). Taxes, slip payments, insurance, diver, bottom job every two years, three if you push it. This doesn't include the nickels, dimes and quarters, read $5, $10, $25, that you'll drop at the marine hardware place every time you walk in. But none of that matters when your sitting in the cockpit, sipping a sundowner at Cherry Cove. Like Albert said, everything is relative.
For my '94 Beneteau 40, I figure right around $6000 a year, not including boat payments (Paid cash). Taxes, slip payments, insurance, diver, bottom job every two years, three if you push it. This doesn't include the nickels, dimes and quarters, read $5, $10, $25, that you'll drop at the marine hardware place every time you walk in. But none of that matters when your sitting in the cockpit, sipping a sundowner at Cherry Cove. Like Albert said, everything is relative.
Boat costs
My 91 catalina 36 runs about $400 in insurance, $1500 slip rental $1600 state property taxes, $500 to pull and put back in over the winter, plus the maintence. (oil changes, sail repair, wax, etc) It aint cheep but worth every penny. I am wondering how much other boaters are paying for property taxes in their states.
My 91 catalina 36 runs about $400 in insurance, $1500 slip rental $1600 state property taxes, $500 to pull and put back in over the winter, plus the maintence. (oil changes, sail repair, wax, etc) It aint cheep but worth every penny. I am wondering how much other boaters are paying for property taxes in their states.
If you have to ask...........
Unless you have made the choice to be a live aboard, owning a boat is going to cost you, period. Our expenses run $2500 for a slip, we stay in year round in the south. Insurance is $400, and we owe the bank a few bucks too. When all is said and done the real question is, do you get t enjoyment out of it or don't you. I think for most posters on this board the answer is pretty obvious. For my wife and I, a weekend on the boat is like a mini vacation, 30 times a year. When you look at it like that, it can be much cheaper than airline tickets, hotels, rental cars etc. Life is about choices, and we have made ours. (Compared with two kids in college, this may be the cheaper)
Unless you have made the choice to be a live aboard, owning a boat is going to cost you, period. Our expenses run $2500 for a slip, we stay in year round in the south. Insurance is $400, and we owe the bank a few bucks too. When all is said and done the real question is, do you get t enjoyment out of it or don't you. I think for most posters on this board the answer is pretty obvious. For my wife and I, a weekend on the boat is like a mini vacation, 30 times a year. When you look at it like that, it can be much cheaper than airline tickets, hotels, rental cars etc. Life is about choices, and we have made ours. (Compared with two kids in college, this may be the cheaper)
How Much Money $$$
Just when I thought I could afford the boat, I went out and bought a bigger one. Now why do we all do that? I think the saying is right "A boat is a hole in the water in which you throw in money". But I cannot think of a better way to spend it! Slip at the GSL. $150 per month, includes power! Taxes on the Cat 30 $900 per yr. Repairs: A lot New stuff: A lot more Gifts for the first Mate: Depends on the mood of the Skipper!
Just when I thought I could afford the boat, I went out and bought a bigger one. Now why do we all do that? I think the saying is right "A boat is a hole in the water in which you throw in money". But I cannot think of a better way to spend it! Slip at the GSL. $150 per month, includes power! Taxes on the Cat 30 $900 per yr. Repairs: A lot New stuff: A lot more Gifts for the first Mate: Depends on the mood of the Skipper!
Property Tax
Here in NY we do not pay a yearly property tax on your boat. There is of course the sales tax when register the boat for the first time (and at 6.25% on a $75,000 boat is a good amount of change), and then the registration cost.
Here in NY we do not pay a yearly property tax on your boat. There is of course the sales tax when register the boat for the first time (and at 6.25% on a $75,000 boat is a good amount of change), and then the registration cost.
Boat taxes
In California, we pay sales tax (7.25% and up) depending on where you live, and we pay property taxes on the boat each year (about 1.1% of value). Does not seem very sporting when you think about it. But then, we can sail year round...even if it gets a little cool in the bay this time of year (OK, it's cold in the bay in the summer too).
In California, we pay sales tax (7.25% and up) depending on where you live, and we pay property taxes on the boat each year (about 1.1% of value). Does not seem very sporting when you think about it. But then, we can sail year round...even if it gets a little cool in the bay this time of year (OK, it's cold in the bay in the summer too).
Thank God..no property tax on boats...
in Connecticut, but they do get you for a use tax which in my case is about $300 per year. Add to that your dockage 12 months (this area is about $100 per foot for summer& $50 per foot for winter), insurance, maintenance, haulouts, incidentals, fuel, dockage/moorings while on vacation it really adds up! If you had to financially justify owning a boat you never would own one! The bottom line is..if you can afford one..enjoy it!
in Connecticut, but they do get you for a use tax which in my case is about $300 per year. Add to that your dockage 12 months (this area is about $100 per foot for summer& $50 per foot for winter), insurance, maintenance, haulouts, incidentals, fuel, dockage/moorings while on vacation it really adds up! If you had to financially justify owning a boat you never would own one! The bottom line is..if you can afford one..enjoy it!
Mark, does that mean.....
that you don't have to pay the tax if you don't *use* the boat. If that were the case half the boats in our marina would go tax free.
that you don't have to pay the tax if you don't *use* the boat. If that were the case half the boats in our marina would go tax free.
Pick Your Location
My registration is $25 every TWO years and I pay $35 a month for my slip including water and electricity. Plus I sail every month of the year. Now that I have given all that away stay up there the bugs are horrendous and makes dealing with all that snow a dream
My registration is $25 every TWO years and I pay $35 a month for my slip including water and electricity. Plus I sail every month of the year. Now that I have given all that away stay up there the bugs are horrendous and makes dealing with all that snow a dream
As J. Pierpont Morgan, Commodore of the
NYYC, from 1897-99 would say..."If you have to ask how much it costs, you can't afford it,".....interesting bit of Trivia --- take a look at http://www.nyyc.org/Images/Heritage%20Series/Morgan.htm. But just remember the true saying of sailors is........"Its not what type of boat you're on that matters, just as long as you're sailing on something" (Tom Senator circa Jan. 2001)
NYYC, from 1897-99 would say..."If you have to ask how much it costs, you can't afford it,".....interesting bit of Trivia --- take a look at http://www.nyyc.org/Images/Heritage%20Series/Morgan.htm. But just remember the true saying of sailors is........"Its not what type of boat you're on that matters, just as long as you're sailing on something" (Tom Senator circa Jan. 2001)
Steve...same with our Marina
It always amazes me how many boats NEVER leave the marina, even on the "10" weekends, the marina is still 70% full. Why have a boat?
It always amazes me how many boats NEVER leave the marina, even on the "10" weekends, the marina is still 70% full. Why have a boat?
Sailing club
I seem to recall on my visits to California that there are sailing clubs one can join and reserve a boat to sail. The boats seemed to range in size and chatered dependent upon the purpose . Seems like a cost effective alternative to get out on the water. Of course it never will compare to owning your own boat but you do get out on the water. I suspect that, like most clubs, only a a small percentage of the members use th facility on a regular basis, thereby getting a good deal. Anybody been down this route?
I seem to recall on my visits to California that there are sailing clubs one can join and reserve a boat to sail. The boats seemed to range in size and chatered dependent upon the purpose . Seems like a cost effective alternative to get out on the water. Of course it never will compare to owning your own boat but you do get out on the water. I suspect that, like most clubs, only a a small percentage of the members use th facility on a regular basis, thereby getting a good deal. Anybody been down this route?
Boating Costs NYC Region
New York City Region...eg. Long sland Sound (both sides), slip fees, typically including electricity and water, are about $90 per foot for the sailing season (4/15~ through 10/30~). Winter hauling, power washing, and Spring launching go for about $45 per foot. Shrink wrapping a 30 footer for the winter ran me $400 this year. Insurance about $500 per year. You can save quite a bit of money getting a mooring rather than a slip. And, if you want to leave the boat in the water through the winter with a bubble system, there are savings there as well. There are no property taxes on boats in New York..."just" sales tax on the purchase price. Tax practices on boats, among other things, vary by State here in the US of A. Another minor glitch in our "...more perfect union..." but, we are still a work in progress...
Fair Winds... Jim
New York City Region...eg. Long sland Sound (both sides), slip fees, typically including electricity and water, are about $90 per foot for the sailing season (4/15~ through 10/30~). Winter hauling, power washing, and Spring launching go for about $45 per foot. Shrink wrapping a 30 footer for the winter ran me $400 this year. Insurance about $500 per year. You can save quite a bit of money getting a mooring rather than a slip. And, if you want to leave the boat in the water through the winter with a bubble system, there are savings there as well. There are no property taxes on boats in New York..."just" sales tax on the purchase price. Tax practices on boats, among other things, vary by State here in the US of A. Another minor glitch in our "...more perfect union..." but, we are still a work in progress...
Fair Winds... Jim- Status