1.8l motor cost?

[Marvin willis]

I’m getting screwed on taxes for my 18 ar240. They valued at 75k. Each engine they are saying is 10k Anyone have an idea where I can prove that’s not true. I have the purchase paperwork to prove the price I paid but they are looking at a breakdown. They can come pick it up and give me my 75k

 

[biffdotorg]

I get the feeling there is more to this story. Do you have an open insurance claim on your boat? Why would anyone put a value on your boat based on motor value? Unless you have two blown engines and have a claim?

Fill us in as I am assuming you were just looking for a forum to vent? Your post has no detail for us to help you out.

If you are asking value, I'm not sure where those numbers came from. Your boat was introduced in the fall of 2017 with an MSRP of $54,999 with trailer. The current cost of AR250's or later model years of AR240's have little to no impact on what dealers sold that boat for when taking pre-orders in 2017, let alone on the lot throughout 2018. Or what it may be worth today, as boats cannot appreciate in value (COVID exceptions of course, which is over)

As far as motors, that's up to where it is sourced.

What is your specific question for the group? Do you pay taxes annually in your state? Most of us paid upon purchase if new and that was it.

 

[David Martin]

Sounds like the tax man in you state is a little out of touch............but that's how some Luxury taxes or excise taxes bite our backsides. Gotta love the tax man or not.

 

[Marvin willis]

We are disputing it now. I spoke to a guy yesterday that they are saying his boat is worth 90k more than it was last year.

 

[steelhorse454]

In NC you pay taxes every year on everything that is licensed. Cars, motorcycles, boats, etc. based on an assessed value you get with your renewal card. Most of the time this evaluation is very low....

 

[adrianp89]

We are disputing it now. I spoke to a guy yesterday that they are saying his boat is worth 90k more than it was last year.

There is a problem if a county tax worker has a boat worth 90k more than XXX. Those guys don't make that kind of money. Anyways that is BS, the boat market is in the tank. I just a letter 10 minutes ago my local dealer offering 20k off new boats.

Can you register in Montana like the luxury car guys do?

 

[Bluewater272]

The motors absolutely cost more than $10K if you want to buy a new one from Yamaha. That being said, it seems like the DMV is making an error - there are a lot of states that tax and register motors separate from the hull, but in every case I'm aware of its limited to outboard powered boats. There should be no separate hull/motor value for an inboard jet boat.

There is a problem if a county tax worker has a boat worth 90k more than XXX. Those guys don't make that kind of money. Anyways that is BS, the boat market is in the tank. I just a letter 10 minutes ago my local dealer offering 20k off new boats.

Can you register in Montana like the luxury car guys do?

$20K off new boats is not 'in the tank', but rather back to normal (for every brand other than Yamaha). Are Yamahas being offered $20K off?

 

[adrianp89]

The motors absolutely cost more than $10K if you want to buy a new one from Yamaha. That being said, it seems like the DMV is making an error - there are a lot of states that tax and register motors separate from the hull, but in every case I'm aware of its limited to outboard powered boats. There should be no separate hull/motor value for an inboard jet boat.



$20K off new boats is not 'in the tank', but rather back to normal (for every brand other than Yamaha). Are Yamahas being offered $20K off?

I'm trying to sell a boat - I see what's out there. The market is in the tank compared to 18 months ago. And yes on the 20k off, according to the mailer I just got.

 

[Bluewater272]

Yep, just sold my boat - not fun, but still sold for only a few grand less than I paid for it in 2018.

$20K off Yamahas is definitely a new development though.

 

[biffdotorg]

In NC you pay taxes every year on everything that is licensed. Cars, motorcycles, boats, etc. based on an assessed value you get with your renewal card. Most of the time this evaluation is very low....

Holy cow. No wonder folks are asking way more than original price then in those regions. Some tax guys told them it was worth that much! Sucks to live on the east coast I guess. Taxes on motor vehicles should be one and done at purchase.

 

[Neutron]

I am just up the road from you @Marvin willis and my total value for my personal property which includes a 2016 ar240, 15 fzs waverunner, 2019 ex deluxe waverunner, 3 trailers is only valued at 59k so you are definitely being screwed

 

[Neutron]

I’m getting screwed on taxes for my 18 ar240. They valued at 75k. Each engine they are saying is 10k Anyone have an idea where I can prove that’s not true. I have the purchase paperwork to prove the price I paid but they are looking at a breakdown. They can come pick it up and give me my 75k

Sounds like they are looking at it like it has 2 outboards on it.

 

[HangOutdoors]

ah the joys of States with Luxury Tax.......

 

[Neutron]

I wouldn't call 200 bucks a year a luxury tax. When i was in RI i paid a grand a year in property tax on my tacoma when it was newish and that was in 2009. If i lived there now i would pay over 2 grand a year for my tundra.
My total tax bill for all my property, personal and real-estate isn't much more than 2 grand a year

 

[Ronnie]

In CA we pay 1% of the current value annually as a luxury tax. Last year I was charged over $400 because the state/county determined that my boat was worth over $40,000 which is more than the assessed value in the three years prior. I called to ask why and they blamed it on Covid. That is, it was worth more because demand was high but supply was low. I considered contesting it by sending them pics of similar boats on sale online but at the time I couldn’t find any substantially below $40,000. I’m hoping for this to be corrected by the next tax bill.

As for the cost of an engine, I’ve heard, actually read more than once that the cost to have yamaha provide and install a new engine is about $18,000. Having swapped several engines out, I know it takes less than three hours to remove one and another two or three to install a new one, so $10,000 for the engine alone sounds low.

Attached is a pic of the luxury tax bill I got in relation to a wrecked 2017 ar 240 I bought in 2022 and surrendered the hull on to the county in early 2023. Thankfully I had the paper work to prove I didn’t own it on Jan. 1, 2024 so I didn’t have to pay this bill but they still got me for my boat and two Waverunners. Uncle Sam doesn’t care what you paid for it where luxury tax is concerned only where sales tax is concerned. Luxury tax is based on the current market value at least here in CA.

 

[Neutron]

In CA we pay 1% of the current value annually as a luxury tax. Last year I was charged over $400 because the state/county determined that my boat was worth over $40,000 which is more than the assessed value in the three years prior. I called to ask why and they blamed it on Covid. That is, it was worth more because demand was high but supply was low. I considered contesting it by sending them pics of similar boats on sale online but at the time I couldn’t find any substantially below $40,000. I’m hoping for this to be corrected by the next tax bill.

As for the cost of an engine, I’ve heard, actually read more than once that the cost to have yamaha provide and install a new engine is about $18,000. Having swapped several engines out, I know it takes less than three hours to remove one and another two or three to install a new one, so $10,000 for the engine alone sounds low.

6 hours to r&r a complete engine, that is if it doesn't require and swapping of parts. Even when you get a complete long block, there is numerous parts to remove from the old to the new engine. Realistically there is 10 to 15 hours of time from start to a running boat and that is if its a complete long block. Which yamaha doesn't sell. So if you were to have a yamaha dealer build and install it would be way over 20k

 

[Ronnie]

@Neutron , I agree with your assessment. My time estimate is based on a drop in replacement, no parts swapped. If you don’t have the right tools and knowledge on how to remove the shaft coupler. It could take a more than an hour just to do that. Breaking the mounting bolts free was another simple job conceptually but actually doing it/getting in a position to do it was anything but simple.

@Marvin willis , I hope you can get the value reassessed to reduce your tax liability, maybe comparable used boats are selling for a lot less now, it’s worth surfing eBay, marketplace, etc locally I think.

 

[Jim_in_Delaware]

JD Powers book value on a 2018 AR240 is about $46.500. What are they using to value your boat and can you submit JDPowers as a value?

 

[steelhorse454]

Holy cow. No wonder folks are asking way more than original price then in those regions. Some tax guys told them it was worth that much! Sucks to live on the east coast I guess. Taxes on motor vehicles should be one and done at purchase.

Insurance rates are very low though....Trade off I guess. Again, those evaluations are usually very low.
Example : They have my 2005 Dodge truck with Cummins motor at like $5K. I bought the truck new and still looks new and could easily sell it for $30K.

 

[Jim_in_Delaware]

Holy cow. No wonder folks are asking way more than original price then in those regions. Some tax guys told them it was worth that much! Sucks to live on the east coast I guess. Taxes on motor vehicles should be one and done at purchase.

Depends on where one lives. Here in Delaware we have low property taxes, no personal property taxes, no state sales tax (including boat purchases) and only pay registration fees on vehicles tagged through the DMV (cars, trucks, trailers, etc.)

Jim