What will happen if I do not return the Vessel Property Statement?

It is important that the Vessel Property Statement (PDF) be returned even if you no longer own the vessel. If a statement is not returned, an estimated assessment will be made using the best information available, and a 10% penalty on the assessed value will be added for failure to file as mandated by the California Revenue and Taxation Code section 463.

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1. Why do I have a Vessel Property Statement?
2. What will happen if I do not return the Vessel Property Statement?
3. What if the due date to file a Vessel Property Statement falls on a Saturday, Sunday, or legal holiday?