Though summer is short in New England, it doesn't stop those of us living on the coast to take much of our time on the water, in the water, or at the shore. Some of us even choose to spend the time and our hard earned money on a boat, be it for fishing or just cruising with the family. We took the courses offered by the Power Squadron on safe boating and for a few years were happy boat owners. It is true, the best time for a boater is when the boat is bought and when the boat is sold!
Cape Cod online
Currently, boats in the state are valued based on their length and age, with the maximum value being $50,000 — even for yachts worth millions of dollars more in resale. After the value is thus established, boats are taxed at a rate of $10 per $1,000 in value, meaning the maximum excise tax for any vessel is $500. The assessors association bill would increase the excise tax rate to $25 per $1,000 in value, with no maximum tax, according to Keohan.The current boat tax system "penalizes the owner of a modest craft and gives a huge tax break to the owner of a yacht," boat owner and Concord Assessor R. Lane Partridge wrote in a June 15 letter to legislators.
It is a known fact that back when the federal government, in their wisdom, increased the taxes on boat sales and manufacturers, the industry lost jobs and boat manufactures closed operations. People just stopped buying.
So, when you raise a tax on anything, people just stop buying and also loose good paying jobs. Today, boat yards on the North Shore are full of signs reading "slips available."
The current boat tax system "penalizes the owner of a modest craft and gives a huge tax break to the owner of a yacht," boat owner and Concord Assessor R. Lane Partridge wrote in a June 15 letter to legislators.
No, the boat tax penalizes all who once hoped to maybe purchase a boat for fishing or cruising. What the government does to one of us it does to all of us. Class warfare will continue as long as only 40% of us pay any tax at all.