Tax question

[jaydenchow]

Hi everyone, I recently bought a flying rv-7A in March, I was wondering if anyone knows if it would get taxed this tax year or next. From what I’ve been reading the planes get assessed on January 1st, since I’ve only had the plane for less than a month does that mean I don’t have to pay taxes on it till next year?

Thanks!

 

[xavierm]

Your tax payment is due on or before the last day of:

• The month following the month you were contacted by the CDTFA, or
• The twelfth month following the month in which you purchased the aircraft, whichever period expires first.

Penalty and interest charges will begin to accrue once the due date has passed.

The use tax rate is the same as the sales tax rate and is based on where you principally hangar the aircraft.

 

[BobTurner]

As partially noted in post #2, you are subject to two taxes:
1. The sales/use tax, noted in post 2. You can contact the state, or pay it on the use tax line on your CA income tax return. I can’t confirm when it’s overdue.
2. County property tax. You have this one correct, it’s assessed to the owner of record on Jan 1, payable in aug, so you won’t owe until aug 2025 and every year after that. It’s very close to 1% of assessed value. Oh, and if you’re renting a hangar from a municipal airport, you’ll get the property tax bill for the hangar, too.

 

[RV7A Flyer]

https://www.cdtfa.ca.gov/formspubs/pub79a.pdf

https://www.boe.ca.gov/proptaxes/pdf/ah577final2003.pdf