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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This is a requirement of section 441(d) of the California Revenue and Taxation Code. Statements are sent in order to gather the most up to date information on the property so that an accurate value can be determined.
Whenever the due date for filing a Vessel Property Statement falls on a Saturday, Sunday, or legal holiday, the statement may be filed by the close of business (5 p.m.) on the next regular business day with the same effect as if it had been filed on the specified due date.