Property taxes on FGTs

[debtdrives]

Seriously, That is one more reason to get a Montana LLC. Check it out on the web. It's big business for them too.

 

[GTdrummer]

Seriously, That is one more reason to get a Montana LLC. Check it out on the web. It's big business for them too.

As I said, lots of horror stories out there and prosecutions. Many states will say the whole Montana deal is a sham. If you have nothing but an LLC in another state, the car is not garaged there, and you haven't even been there , much less, reside there, it gets ugly. Most exotic dealers can tell you stories of customers getting nailed with back taxes, fines etc. if it's working for you, fine but it has severe risks.

 

[Xcentric]

^^^This.

The few guys I talked to with Montana plates had special situations. One had a legit (he said) business. The other lived overseas and said he'd have to give it up when he returned. If it was so easy to dodge taxes, you'd see Montana plates everywhere.

 

[twobjshelbys]

Title it in Montana.

I thought about it. But colorado cranked down on a bunch of big motor homes about the time I got the gt. They had to pay sales tax and registration fees in retroactive to purchase plus fines. There are lots of planes and boats registered there too. I mean really a cigarette boat in montana?

 

[RALPHIE]

...I mean really a cigarette boat in montana?

Tony - Have you ever been to Fort Peck Lake in Montana - It's huge. It's the 5th largest artificial lake in the US!! It's 134 miles long with a shoreline of 1,520 miles. I see Cigarette boats on Lake Havasu and the Parker Strip which are a lot smaller.

 

[Xcentric]

Analyzing tax burden by state rarely rules any state out, because even the seemingly onerous states may have many overriding virtues. I mean, seriously, why would anyone live in NJ given the insane real estate taxes? Apparently, 8.8 million people think there are other good reasons to live in NJ.

Still, I have never seen anything even remotely as onerous as Fairfax County Virginia personal property taxes. You pay more tax each year for your car than you do for your home? GTFOH!

I'd like to hear about any taxes worse than Fairfax County VA.

 

[FBA]

Perhaps not with regards to things like perpetual tax on vehicles, but here in Canada, we have a 50% tax rate AND, a 15% (GST/ PST/ HST) sales tax on most goods in most provinces, high property taxes and a higher cost of living than most US states. So we have socialized medicine, but you could (and people do) die waiting for treatment in some cases. It's nowhere near what medicine in the USA is, in terms of quality care.

 

[twobjshelbys]

Perhaps not with regards to things like perpetual tax on vehicles, but here in Canada, we have a 50% tax rate AND, a 15% (GST/ PST/ HST) sales tax on most goods in most provinces, high property taxes and a higher cost of living than most US states. So we have socialized medicine, but you could (and people do) die waiting for treatment in some cases. It's nowhere near what medicine in the USA is, in terms of quality care.

And the warmest place is still cold

 

[RALPHIE]

...I'd like to hear about any taxes worse than Fairfax County VA.

Chat sometime with Anders (Copenhagen GT) -

 

[Gene Cassone]

I live in NY, don't get me started!!but all about choices !
I agree with FBA about health care north of the border. I see some horror stories coming south for medical care, not that the quality is bad , but it is rationed according to a budget, so get on line and wait your turn

 

[Sinovac]

So we have socialized medicine, but you could (and people do) die waiting for treatment in some cases. It's nowhere near what medicine in the USA is, in terms of quality care.

Shout that from the rooftops.

 

[roketman]

Wow that makes Ma look like a deal!I think I paid about 1k

 

[PeteK]

Pete, I have to say, I was waiting for your post.

Just to clarify for everyone else, this is not a Virginia state tax. It is a county tax, primarily levied in a few northern VA counties. If Pete moved one county away, he wouldn't have the personal property tax. But then he'd be in hillbilly heaven instead of what may be the wealthiest county in the country.

When I got my GT in 2012, it was assessed at $165k by Fairfax County. The 2013 assessment jumped to $185k. So, you can expect your taxes to go up for as long as GT values go up.

That is 3.59% of assessed value... every year. [snip]

Sent from my HTC One using Tapatalk

Actually, it's higher than that. 4.57%. EVERY YEAR. On assessed value of 195K, that's $8912. There is a "car tax relief" on the first $20K of value, which is about $330, so my bill for the year is about $8600, and will go up as assessed value goes up. Hell of a predicament--on one hand, I'd like the value of FGTs to go up; on the other, I don't want to pay even more tax.

It ain't much better in Loudon county (next county over, 5 miles away) where the rate is 4.20%. Or in Prince William County (20 miles away) where it's $3.70 (and that is getting to be hillbilly country). I'd have to go to West Virginia to get down to 1%. That's about 40 miles, and a good friend of mine lives just over the border in WV. Hmmmm....

 

[Joehand1]

Wow....no one in Mississippi knows anything about the gt...my tax (or tag) this year was 270 dollars...I guess they think it's a Mustang...

But then again you have lowest per capita income, highest obesity, shortest life span, highest stroke rate....it goes on....

 

[jaxgt]

Probably the best reason to live in FL is the low tax rate - no income tax, low property tax, average sales tax, and about $200/yr to renew car tags, regardless of value. Needless to say, my wife would still rather we live somewhere else.

 

[Empty Pockets]

Needless to say, my wife would still rather we live somewhere else.

Because...?