Real estate General topic

[paulsharvey]

In Florida, if you didnt pay sales tax on a vehicle on purchase, you pay sales tax ad part of the registration/title transfer. Thats why the title transfer lists sale price. The DMV isnt completely stupid though, they know you didnt buy that 1999 F350 for $1000. What they dont know is if you paid $5,000 or $15,000. So, often the seller will leave that line blank, and the buyer can put a lower number, but realistic, and pay 7% of $5000, vs 7% of $15,000.

 

[paulsharvey]

On real estate, is it just me, or are things kinda still "floating", with no clear direction. I can't tell if we are going up in value, down in value, just seems to be floating with a couple % points for last 2 years?

 

[riptides]

In Florida, if you didnt pay sales tax on a vehicle on purchase, you pay sales tax ad part of the registration/title transfer. Thats why the title transfer lists sale price. The DMV isnt completely stupid though, they know you didnt buy that 1999 F350 for $1000. What they dont know is if you paid $5,000 or $15,000. So, often the seller will leave that line blank, and the buyer can put a lower number, but realistic, and pay 7% of $5000, vs 7% of $15,000.

I think my commonwealth, Virginia, backtracks to market value, if lower than average is seen on the transfer.

 

[paulsharvey]

I think my commonwealth, Virginia, backtracks to market value, if lower than average is seen on the transfer.

But end result is the same, the Buyer typically pays the sales tax, not the seller collects and sends it in, unless they are a dealer

 

[LouNY]

Most places do use a book value if the listed value is very low. I bought my last pickup from a private individual so when I registered it they collected the sales tax when I paid for the title fee and registration.
That is one factor that makes buying dealers with a trade in the sales tax is reduced by the value of the trade. With a 7% sales tax that adds up in a hurry.

 

[Sigarms]

There IS a significant game played by owners of high value luxury vehicles and motorhomes to register them in Montana, bypassing sales taxes and smog requirements. Let's just say I KNOW this to be true.

The other week at a church related function, we had a comedian come in at night for something like a AA meeting (more Christian based vs a friend of Bill's).

Motorhome was in the church parking lot with Montana plates. Thought I could talk to the guy about that state as I use to go there ofter, turns out he is from Alabama and has never had moved.

That explains the Montana plates because I didn't even want to ask

 

[ultrarunner]

I had never heard of him until the tax issue.

There IS a significant game played by owners of high value luxury vehicles and motorhomes to register them in Montana, bypassing sales taxes and smog requirements. Let's just say I KNOW this to be true.

But, if you play that game, you usually have to take possession of the vehicle out of state, and keep it out of state for a specified time. Anywhere from 90 days to a year is typical. I suspect, from getting the vibe from this dude, he didn't feel those rules applied to him ....

Not many feel sorry for someone saving the sales tax on a Ferrari. But many were upset about the claim there was never any effort or notice to collect the tax. He claims his first knowledge was when the Sheriff shows up and arrested him.

Regardless of how you feel about a Youtube loudmouth with a Ferrari, that does seem to be the wrong approach.

One of my California teachers retired and bought a new car in Europe and traveled for 6 months… had the car shipped to the East Coast and drove it another 6 months not including shipping time and by the time the car entered CA no tax was due because he used and operated the car with documentation for more than a year prior to first entering California

I know some diesel motorhome coach owners that moved domicile location to Montana and they no longer need California smog as long as the motor home is not in California 6 months and a day…

 

[lman]

Over 5,000,000 views in 4 days. He will be able to cover the taxes. He's actually originally from my county. A little too crazy for this area though.

 

[paulsharvey]

Governor is proposing stopping property tax on homesteads. (Primary residence, just 1, non commercial, ect), which made me do some searching. Apparently thats only about 33% of property tax collected. With that, each county would individually either opt in or opt out (unclear at this point).

I am in favor of it, but I also realize counties/state/school board so need tax revenue. No idea if it will pass or not, and also no idea if my county would opt in or out.

From a local politics level, its much easier for a county, politically to not opt out, then it is to actively opt in...

 

[EscapedSuburbia]

Does your governor have a proposal on how to pay for schools and local infrastructure? There's no free lunch. Someone has to make up that lost 33% of revenue.