Personal Property Tax – Boats

Did you know, BOATS ARE TAXED WHERE THEY ARE MOORED.

Personal Property Tax for an Average Boat

moored in RICHMOND, VA

= *$1,850 per year

($3.70 per $100 of assessed value)

Personal Property Tax for ANY BOAT

moored in VIRGINIA BEACH, VA

= *$0 per year

Most cities charge personal property tax on personal watercraft based on the assessed value of the vessel.  It is part of what most boat owners budget for when deciding to by a boat.

But, did you know, in Virginia Beach, the city does not charge boaters for personal property tax on boats moored in Virginia Beach for at least six months plus one day out of the tax year.  Well, technically they do charge and here are the details.

“The personal property tax rate on “privately owned pleasure boats and watercraft used for recreational purposes only” was lowered for tax years 2001-2013 to one millionth of one cent ($0.000001) per $100.” – Commissioner of the Revenue, City of Virginia Beach.

So if you own a $4,000,000 boat, you would owe $4 to the city each year.

If you are like most of us and own a slightly more reasonable watercraft, then you will not owe any money for Personal Property Tax for your boat.

GET A QUOTE ON BOAT STORAGE IN VIRGINIA BEACH

Other Virginia Counties:

Goochland Co. = $4.00 per $100* = $2,000 per year

Chesterfield Co. = $3.60 per $100* = $1,800 per year

Hanover Co. = $3.57 per $100* = $1,785 per year

Henrico Co. = 20% of cost or MORE (depending on year of purchase)* = $10,000 per year

Deltaville (Middlesex Co.) = $3.50 per $100* = $1,750 per year

City of Norfolk = $0.50 per $100* = $250 per year

City of Portsmouth = $0.50 per $100* = $250 per year

*based on a $50,000 boat in 2012