T&T: Registration - Florida or elswhere - how big is the
Henry
hjdennig at hotmail.com
Tue Jun 2 11:36:58 EDT 2009
One thing I learned the hard ($$$$) way is that Maryland has a reciprocal
agreement with Florida, so that if you have paid Florida sales tax, Maryland
will register your vessel without charging Maryland sales tax. If you leave
Florida within the first 90 (soon 180 days), you only owe the Maryland tax
but the Maryland tax is 5% excise. This should be a good thing until time
to file taxes and you learn that excise tax is a deduction on your tax
return. If you pay sales tax to florida, you can claim it on your income
tax.
(from Randy Pickelmann)
In Florida when they are talking about registration they are really talking
about "sales" tax. In my county the tax rate is 6% for the first $5K and 5%
after that. I believe that most places will make an adjustment if you
already
paid sales tax in another state. in other words, if you already paid 3%,
you
would be obligated for the 2% difference when you registered in Florida.
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