Over on the RV-list, there were similar discussions, with one person getting his RV-6 'valued' at $250,000. Some-one suggested offering the plane to the County for what the County thought it was worth. :-)
IIRC, the explanation was that the tax dept looked up Trade-A-Plane, and calculated the average price of planes for sale. What's a Citation? What's an RV-8? Who cares... just average them all. Then, any plane that wasn't specifically valued got that number. IIRC, showing that your plane was insured for a particular sum was sufficient to get its taxable value altered to that sum. Frank -----Original Message----- From: Kris Feldmann [mailto:k...@wb.com]=20 Sent: Friday, 23 July 2004 12:52 p.m. To: KRnet Subject: Re: KR> Tax Bills That's nuts! Did they give any justification or explanation as to how they arrived at that value? Is it legal to sell your airplane to yourself (or say, to your own corporation)? That way I assume it would be taxed at the actual selling price. Kris Steve Glover wrote: > I received my tax bill today...it seems our local Assesor's office=20 > thinks my KR is worth $27,500.00. Anyone want to buy a KR??? ____________________________________________________ Learn real skills for the real world - Apply online at http://www.ucol.ac.nz or call 0800 GO UCOL (0800 46 8265) or txt free 3388 for more information and make a good move to UCOL =96 Universal College of Learning. Enrol with a public institute and be certain of your future ____________________________________________________
