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

It is important that the statement be returned every year. If you no longer own the aircraft, you are still required to notify the Assessor in writing. 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 a statement as mandated per California Revenue and Taxation Code, section 463.

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1. Why do I have to pay taxes on my aircraft?
2. I paid the sales tax when I purchased the aircraft. Why am I paying taxes again?
3. Why did I receive an Aircraft Property Statement?
4. What will happen if I do not return the Aircraft Property Statement?
5. What if the due date to file an Aircraft Property Statement falls on a Saturday, Sunday, or legal holiday?
6. Where will my aircraft be assessed since I take it to many locations?
7. How is the aircraft value determined?
8. Why is the average retail value, as listed in the price guide for January 1, different from the assessed value?
9. Why did my aircraft value go up/down from last year?
10. What if I do not agree with the aircraft value?
11. What if I still do not agree with the aircraft value after an Assessor’s Informal Review?
12. Why do I have a 10% penalty note on my tax bill for my aircraft?
13. What should I do when I sell my aircraft?
14. I sold or disposed of my aircraft after January 1st. Why do I have a tax bill?
15. I sold or disposed of my aircraft before January 1st. Why do I have a tax bill?
16. Can my taxes be prorated?
17. I filed bankruptcy. Why do I have to pay the tax?