Property taxes on FGTs

[PeteK]

Well, I got my tax bill in the mail yesterday for ownership of my FGT in 2014. It works out to almost $10,000 per year on an assessed value of $195K (I live in Fairfax County VA). I was expecting that, but still, getting a tax bill in the mail for that much raises my blood pressure thinking about just what the hell am I getting for all that tax--it sure isn't road maintenance! At this rate, I'll be paying more in tax on this car than for insurance, gas, and maintenance, and upgrades combined. In fact, the taxes on my car are almost as much as for my house in this county (yes the tax rate on real estate is much lower than for cars, boats, airplanes, etc.). :mad

So, I'm curious what typical car taxes are in other parts of the country on high-ticket cars. I know some of you do not have this particular annoyance, others maybe more or less.

 

[DC-DD]

Would be in your best interest to get a vacation home in another state that has no tax on cars like that. Florida would be good and they also have no inspection. So no ugly stickers and no one touching your car. Also only one plate state on the rear were it belongs. You would have the place paid for in no time .


Dominic

 

[junior]

That is the dumbest tax, oh wait we have Smog check/certs in Cali, never mind.

 

[beckertb]

Another reason I moved to Texas.......thats absurd taxes annually on a car in a state with income taxes as well.....

 

[Sinovac]

To put things in perspective, I pay less than $10,000/year to register, maintain and insure 10 vehicles in Florida.

I'm sure Xcentric will add his perspective. You guys are nuts to live there if you have a choice.

 

[Fast Freddy]

^^^^ - pretty much like Florida out here in Arizona too except for i live in a county where you are not required to get emissions tested ever :biggrin

it costs me $639.47 to register my GT this year with the state of Arizona and every year it goes down....

 

[Sinovac]

Emissions testing? We don't need no stinkin' emissions testing in Florida.

I think the last year for testing in Florida was 2000ish.

 

[33Bravo]

$90 to renew tabs for a year in Minnesota. (Earlier years were quite a bit more expensive).

 

[twobjshelbys]

My Colorado registration in Dec 2013 was $811. I'm estimating that the Nevada will be approximately the same.

 

[jcthorne]

Wow, about $90 here in Texas, plus $32 for emissions/safety inspection (stickers go away in Feb). No income tax. My property taxes run about $2k a year. Sales tax is 8.1% but not on food, drugs or labor.

 

[txviper]

Well that State is marked off the list of places I may end up.

 

[Fast Freddy]

Emissions testing? We don't need no stinkin' emissions testing in Florida.

I think the last year for testing in Florida was 2000ish.

well i stand corrected then. that is awesome that a state with all that coastline is emissions free. maybe that is why?

 

[jaxgt]

Title it in Montana.

 

[shesgotlegs]

Yikes :frown... I think...
In Toronto Canada ( little Russia ) we pay about $ 123 a year for a plate sticker however we pay 13% tax on everything we buy. Property taxes which include school taxes are about $10,000 net a year on average, and our mortgage payments are not tax deductable. Income tax rate is about 45% and our health care is included. Premium fuel is about $ 1.53 a litre canadian net ( $6.36 US a US gallon ).

 

[GTdrummer]

Title it in Montana.

That dog does not hunt so well now. Lots of horror stories.

 

[timcantwell]

Would be in your best interest to get a vacation home in another state that has no tax on cars like that. Florida would be good and they also have no inspection. So no ugly stickers and no one touching your car. Also only one plate state on the rear were it belongs. You would have the place paid for in no time .


Dominic

Agreed. All my cars are registered either in Florida or Ohio. My Arizona cars are registered in Ohio due to their property tax. I am amazed that VA uses "market" value. Most states use a long-term asset initial value less depreciation, thereby reducing the tax over the life of the car. Someone should challenge that law in VA, it sucks!

 

[Xcentric]

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.

For most personal property, of course, the tax bite declines each year with depreciation.

When I bought my Trailex trailer in 2013, I was faced with property tax on it. So I stored it at an enormous RV storage facility in PW County. This place was a few hundred acres of RVs, boats, cars, buses. No property tax.

I moved to Florida a few months later.

BTW, buying a vacation home won't work. It would have to be your principal home, meaning I believe, seven months of the year. And, knowing Fairfax, you'd probably be taxed for the time the car was parked in Fairfax.

You should talk to the guys at Katie's. Maybe you could become a partner in somebody's Montana LLC. LOL.

P.S. Your property tax on $195K should be $7K, unless rates went up.

Sent from my HTC One using Tapatalk

 

[Sinovac]

well i stand corrected then. that is awesome that a state with all that coastline is emissions free. maybe that is why?

We don't care since all the pollution blows across the Gulf and into Mexico.

 

[Wwabbit]

TN $30 all in

 

[KMCBOSS]

WOW..............$75 for personalized plates - no smog here. Also, no income tax in Washington (state), property tax (house) ain't bad and no personal property tax.