California Revenue and Taxation Property Tax Rule 10 mandate that the Assessor include within the value all components of the full economic cost of placing property in service. A vessel value will typically include an adjustment to add sales or use tax.
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Value is determined by reviewing the Vessel Property Statement and price guides such as NADA by JD Power.
The price guides are based upon market transactions and are a reliable source of information for vessel valuations. Please keep in mind, the price guides that are publicly available online typically correspond to the current date and may not match the value as of January 1st.
For the purpose of California property taxation, vessels are valued at their fair market value each and every year as of the January 1 lien date. Values determined for previous years cannot be used as a factor in determining the current year’s value. Values can increase as well as decrease from year to year because of fluctuations in the market. Vessels, unlike real property, are not subject to a base year value or a minimum inflationary factor. The fair market value of a vessel on lien date is unrelated to its net book value (purchase price less depreciation).
You may contact the Assessor’s Office to discuss the value. When making a written request for an informal review, please note that if the value was the result of an estimated assessment made by the Assessor for failure to file a property statement by May 7, you will need to complete and return a Vessel Property Statement (PDF) with your request for an informal review.
When writing to request an informal review, please provide the following in support of your opinion of value:
Placer County Assessor’s Office Contact Information:
You can file an Assessment Appeal Application online or by calling 530-889-4020. In order to appeal an assessment, you must file an Assessment Appeal Application with the Clerk of the Board between July 2 and September 15 (or the next business day if the September 15 falls on a weekend or holiday).
Should your value notice be the result of an Escape Assessment, you have 60 days from the date of the Notice of Enrollment of Escape Assessment to file an Assessment Appeal Application.