Why are you taxing my vessel?
The State Constitution says all property is subject to property tax unless otherwise exempt. Homeowners are familiar with the property taxes on their home. Likewise vessels are also subject to property tax assessment per Section 201 of the California Revenue and Taxation Code.
How is the assessed value determined?
Vessels are taxable and appraised annually at full market value. The value is determined by reviewing the information on the Vessel Property Statement (Form 576-D), along with purchase information and comparable sales. Ownership information is also obtained from the California State Department of Motor Vehicles (DMV), the United States Coast Guard (USCG) and on-site inspections of all marinas.
How much will my taxes be?
Applying the 2013 a tax rate of 1.1691 % on the assessed value will give a conservative estimate of what the actual tax will be. Proposition 13 established a maximum property tax rate of one percent (1%) of the assessable value. Additional tax rate increases may be necessary to pay off indebtedness such as bonds authorized by San Francisco voters. San Francisco’s tax rate is determined by the Board of Supervisors. For example, if the assessed value is $ 25,000 the property taxes on the vessel will be approximately $ 293.
When will I receive my bill?
When you file your Vessel Property Statement (Form 576-D) in a timely manner, you should receive your tax bill by the end of June. Payment is due on or before August 31st, and becomes delinquent after that date. It will be subject to penalties and interest for late payment imposed by the Treasurer & Tax Collector.
Is my Vessel Property Statement confidential?
Yes, by law the Marine Property Statement is a confidential document. It is not a public document and will be held confidential by the Assessor.
If the Vessel Property Statement is not filed, how will my vessel’s assessed value be determined?
If you do not file a Vessel Property Statement, the Assessor’s Office will determine an assessable value as directed by the state law. In addition, a 10% penalty for failure to file will be added to your assessment.
How can I receive a copy of my prior year’s statement/valuation?
To receive a copy of your prior year’s statement/valuation, send a signed request to Assessor-Recorder, Attn: Marine Division, 1155 Market Street, 5th Floor, San Francisco, CA 94103 or fax to (415) 554-5544. You may also send it by e-mail to: askmarine@sfgov.org.
I lost, sold or moved my vessel before January 1st of this year. Do I still need to file the Vessel Property Statement?
Yes, you still need to file the statement. You have to indicate on the form the current status of your vessel and the date the status change took effect. If sold, please indicate the name and mailing address of the new owner. After completing the form, please sign and return it to the Assessor’s Office.
Are Vessel Berths subject to tax assessment?
Yes, boat berths rented or leased from government owned marinas, such as Fisherman’s Wharf, Pier 39, San Francisco Yacht Harbor, South Beach Harbor and Treasure Island marina, are taxed annually with tax bills sent in July. These bills are based on rent paid at that marina. It is a “USE” tax called Possessory Interest Tax. For inquiries please call (415) 554-5587 or fax (415) 554-7915, c/o Possessory Interest Unit.
Last updated: 2/8/2013 11:30:42 AM
