South Carolina Owners (boat property tax question)

[mgs917]

I just received my tax bill for the year. The property tax on boats in South Carolina is 10.5% of fair market value. I was hit for $9800, but I took my bill of sale and showed that I paid a good bit less and the tax bill was decreased to $8200.

I know there are some Lake Keowee and Lake Hartwell boaters on here. Do you'll just pay these crazy tax rates? Are you registered in another state? Am I missing something? I just can't believe that I would have to pay 8000-9000 in taxes every year for property tax. Any insight from my SC boaters would be helpful. Thank you.

I do not have the title in hand. The boat is financed. Not sure if that changes anything.

[Nautiquehunter]

Are you saying its 8200 per year or is that the sales tax?

[mgs917]

That is the annual property tax.

[MN Ryan]

You have to pay annual property tax on a boat? Sheesh! Don't let MN hear that--that's one tax we don't have.

[bturner]

I've never heard of this. How can anyone afford something like that. We have a sales tax of 6% at the time of sale then a "tax" if you will when the boat is registered every 3 years but that's like maybe $150, maybe. Do they tax your cars and UTV's like this as well? Time to move.

[GMLIII]

This can not be accurate on an annual basis. No way

[Neptune442]

It looks like someone is doing your math wrong.

[mgs917]

Well, they valued the boat at 150550 (10.5%) = 15,950 assessment. So they taxed off the 10.5% assessment and after all the millage, that is how they got to 8270. So by my math that is a 52% tax rate (8270/15950)?

[Neptune442]

52%! Oh my

[shag]

I can't even believe you have to pay tax on 10% of the value? What is to stop them from raising that? that's insane

[vision]

NC has property tax on your vehicles boats, trailers etc as well. Approx 1% of value annually.

[shag]

NC has property tax on your vehicles boats, trailers etc as well. Approx 1% of value annually.

Geeezzusss! Is that 'their' assessed value? or your proven value... I know that Conneticut used to tax the sale of boats based on their value, and it didn't matter what you paid.. I sold a used boat to a guy there and he had to pay tax on what the state said the boat was worth... BS

[jpwhit]

I live in NC and the yearly property tax on boats and trailers is set at the county level. 10.5% in SC sounded crazy, but after looking at South Carolina Department of Revenue web sites, it appears to be accurate. I think I'd have to move if I lived there, or I'd have to sell some of my boats.....

And this is yearly property tax, completely independent from sales tax when you buy a boat/trailer.

[Neptune442]

I'd expect this from states like NY, CA, IL, MN, etc....but a red state like SC? Yikes

[bturner]

Something isn't right here. How can you possible pay $8200/yr on a $82K boat. My boat is going for something like $72K now. If I had to pay $7200 a year on it I'd have to get a loan every year to pay the tax. Someone's math is messed up here. California and Canada aren't even this bad..... yet.