rv-10 values for the tax man

My local property tax assessment was substantially increased this year. I have been told in order to challenge it that I need to provide comps. Does anybody have any sales in the last year or two of an RV 10 similar to mine? It is a 2006 registered aircraft with a Hartzel prop. The paint is fair. It had a used engine originally built in 1959 and received an overhaul in 1973. it currently has approximately 1900 hours since major overhaul on the engine. The radios are a Garmin 430 and the panel is original Grand Rapids 3 screen of the same vintage. The aircraft has flown great, but is not worth the $200,000.00 that they are assessing it. If anyone has any comps or documentation of approximate value I would greatly appreciate it to plead my case.
Thank you,
Jim Rore

Is it possible you forgot to return the questionnaire they send out every spring? There a big penalty if you don’t, as in an increased assessment. Otherwise, see if you can locate any recent sales of planes like yours. I know of a recent one, 2008 I think, with 900 hours TT airframe and engine, GRT avionics (circa 2007), garmin 430W,… sold for $180K. I’d suggest supplying them with the current price of a new Lycoming, noting how close you are to TBO.

$ 165K.

I ran into the same issue a few years back - even though I send in my valuation every year. I met with the assessor in person. She told me they had been tasked with updating the valuations so went out to the main selling sites for reference. She then found that they were listing/selling for quite a bit more.
Had to do some leg work (specific comparisons) and got mine back to the $165K that I had it valued at. Mine was a 2009 w/ rebuilt engine and obsoleted main avionics (Cheltons).
My experience was that they only looked at the plane model for comparison. Once pointing out the differences in value for new engine vs re-built, panel items etc. they had no problem adjusting the value back.
For me, an in person polite meeting with the assessor went a long way. She really had no idea in valuation of experimentals and seemed to appreciate the visit and information.

I had that conversation with the locals about 20 years ago. My main point was that with toys (airplanes, boats, some cars) the asking price and the selling price are often substantially different. People are almost always going to ask for more, sometimes substantially more, than the item sells for.

pilotdds said:

My local property tax assessment was substantially increased this year. I have been told in order to challenge it that I need to provide comps. Does anybody have any sales in the last year or two of an RV 10 similar to mine? It is a 2006 registered aircraft with a Hartzel prop. The paint is fair. It had a used engine originally built in 1959 and received an overhaul in 1973. it currently has approximately 1900 hours since major overhaul on the engine. The radios are a Garmin 430 and the panel is original Grand Rapids 3 screen of the same vintage. The aircraft has flown great, but is not worth the $200,000.00 that they are assessing it. If anyone has any comps or documentation of approximate value I would greatly appreciate it to plead my case.
Thank you,
Jim Rore

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What state thinks a plane is Real property for tax assessment? Are you saying you get taxed on a yearly basis on what the state thinks it’s worth? I apologize if I missed something prior.

Jesse23 said:

What state thinks a plane is Real property for tax assessment? Are you saying you get taxed on a yearly basis on what the state thinks it’s worth? I apologize if I missed something prior.

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Kalifornia. In L.A. county they also charge extra tax for the water department (Even though it's not an amphib) the school district (even though it doesn't teach classes) and anything else they can get away with. How that ever came about is beyond me but I do like the weather here....

-Marc

When we built our 10 we called it something else. It was a one and only, no reference in the papers. It is the one you did not buy at HHR Marc.

Plummit said:

Kalifornia. In L.A. county they also charge extra tax for the water department (Even though it's not an amphib) the school district (even though it doesn't teach classes) and anything else they can get away with. How that ever came about is beyond me but I do like the weather here....

-Marc

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It's called CHEATING, and California has had it perfected for a long time now..........