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If anyone can help - Aircraft value

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AirMike

Joined: 27 Feb 2007
Posts: 514
Location: Nevada

Posted: Tue Aug 01, 2017 7:53 am Post subject: If anyone can help - Aircraft value

I have a 8 year old RV10 (400hrs) set up for VFR with one Advanced Flight Systems early (3500) EFIS. I arrived home from OSH to find a tax bill valuing my plane at $180,000. I feel that the value is closer to $140K or $150K. Does anyone out there have info on REAL sale prices that I can present to the assessor to reflect the real value of my plane. (PS- I am insured for $150K)

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_________________
See you OSH '18
Q/B - sold.

jesse(at)saintaviation.co
Guest

Posted: Tue Aug 01, 2017 10:21 am Post subject: If anyone can help - Aircraft value

Contact me off list and I should be able to help. I will need a lot more details, of course, but I should be able to provide an appraisal. 



Jesse Saint

Saint Aviation, Inc.

352-427-0285

jesse(at)saintaviation.com



Sent from my iPad



 	  Quote: 	
		   On Aug 1, 2017, at 10:53 AM, AirMike <Mikeabel(at)Pacbell.net> wrote:

 

 

 

 I have a 8 year old RV10 (400hrs) set up for VFR with one Advanced Flight Systems early (3500) EFIS. I arrived home from OSH to find a tax bill valuing my plane at $180,000. I feel that the value is closer to $140K or $150K. Does anyone out there have info on REAL sale prices that I can present to the assessor to reflect the real value of my plane. (PS- I am insured for $150K)

 

 --------

 See you OSH '17

 Q/B - flying 7 yrs.

 

 

 

 

 Read this topic online here:

 

 http://forums.matronics.com/viewtopic.php?p=471397#471397

 

 

 

 

 Attachments: 

 

 http://forums.matronics.com//files/img_0148_992.jpg

Kellym

Joined: 10 Jan 2006
Posts: 1705
Location: Sun Lakes AZ

Posted: Tue Aug 01, 2017 12:04 pm Post subject: If anyone can help - Aircraft value

I would suggest contacting the EAA for assistance in arguments to use, 

such as there are no two identical homebuilt aircraft, making it 

impossible to have comparables. Sounds like someone took the current 

quick build price, added new engine price and a typical modern avionics 

price, plus a bunch for labor. I have an unpainted quick build, with 

very full complement of IFR avionics, and I don't think I have much over 

$150K in it. Depreciation on manufactured aircraft the first few years 

is very steep. Compare the price of a 2005 Cirrus with a new one, for 

example.

On 8/1/2017 11:17 AM, Jesse Saint wrote:

 	  Quote: 	

 Contact me off list and I should be able to help. I will need a lot more details, of course, but I should be able to provide an appraisal.

 Jesse Saint

 Saint Aviation, Inc.

 352-427-0285

 jesse(at)saintaviation.com

 Sent from my iPad

> On Aug 1, 2017, at 10:53 AM, AirMike <Mikeabel(at)Pacbell.net> wrote:

>

> 

>

> I have a 8 year old RV10 (400hrs) set up for VFR with one Advanced Flight Systems early (3500) EFIS. I arrived home from OSH to find a tax bill valuing my plane at $180,000. I feel that the value is closer to $140K or $150K. Does anyone out there have info on REAL sale prices that I can present to the assessor to reflect the real value of my plane. (PS- I am insured for $150K)

>

> --------

> See you OSH '17

> Q/B - flying 7 yrs.

>

>

> Read this topic online here:

>

> http://forums.matronics.com/viewtopic.php?p=471397#471397

>

>

> Attachments:

>

> http://forums.matronics.com//files/img_0148_992.jpg

_________________
Kelly McMullen
A&P/IA, EAA Tech Counselor # 5286
KCHD

lwalters2(at)bellsouth.ne
Guest

Posted: Tue Aug 01, 2017 2:02 pm Post subject: If anyone can help - Aircraft value

I have advised other builders to be proactive in filing their sales tax 

relating to the recent FAA registration of their 'flivver'. Not an RV-10 

or Cessna 172 but 'flivver'.



In FL (where I live) the FL department of revenue gets new registration 

information from the FAA.  Then they check to see if you paid sales tax 

related to the airplane (which you should retain a copy of) whether it's 

a homebuilt or certified airplane. If they don't find payment of sales 

tax, they open their recent copy of Trade-a-plane and look up the model 

(RV-10) that is on the FAA registration and send a bill for the 'asking 

price' it finds .... and I bet if there are two listings, they pick the 

higher dollar one.  They'll never find a 'flivver' in TAP.  Then you get 

the 'nastygram' requesting your payment of tax, interest, and penalties.



So, what's a person to do if you're not proactive?  You can collect 

copies bills of sale for the kit , engine, avionics and submit some % of 

that total to your sales tax people with a check for your share of the 

tax and that will usually be the end of it.  You can usually under-pay 

some but those guys aren't stupid and you may get a second letter 

because you shaved too much off.  If they can't find a value for the 

'flivver' you registered then you'll have a lot of leeway ..... but you 

might have to substantiate that value or get an appraisal from your A&P.



When I register my plane (hopefully next year) it'll have a nebulous 

model such as 'LINN model X' or some sort, and I'll be proactive in 

paying some sales tax.  Also, remember that Van doesn't support your 

bird being registered as an RV-(X) if you made some major mods.

Linn

On 8/1/2017 11:53 AM, AirMike wrote:

 	  Quote: 	
		   



 I have a 8 year old RV10 (400hrs) set up for VFR with one Advanced Flight Systems early (3500) EFIS. I arrived home from OSH to find a tax bill valuing my plane at $180,000. I feel that the value is closer to $140K or $150K. Does anyone out there have info on REAL sale prices that I can present to the assessor to reflect the real value of my plane. (PS- I am insured for $150K)



 --------

 See you OSH '17

 Q/B - flying 7 yrs.





 Read this topic online here:



 http://forums.matronics.com/viewtopic.php?p=471397#471397





 Attachments:



 http://forums.matronics.com//files/img_0148_992.jpg

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Tue Aug 01, 2017 2:57 pm Post subject: Re: If anyone can help - Aircraft value

I don't know about NV, but typical property taxes are around 1%, so ask yourself how much effort and pain you want to put in for $300 a year. You don't say what or if you paid last year - you certainly don't want to open up a can of worms.

_________________
Bob Turner
RV-10 QB

klangley1(at)mygrande.net
Guest

Posted: Wed Aug 02, 2017 1:26 pm Post subject: If anyone can help - Aircraft value

Sorry Bob, 

I realized I sent to you instead of Mike. I'll send to him.  



Sent from my iPhone



 	  Quote: 	
		   On Aug 1, 2017, at 5:57 PM, Bob Turner <bobturner(at)alum.rpi.edu> wrote:

 

 

 

 I don't know about NV, but typical property taxes are around 1%, so ask yourself how much effort and pain you want to put in for $300 a year. You don't say what or if you paid last year - you certainly don't want to open up a can of worms.

 

 --------

 Bob Turner

 RV-10 QB

 

 

 

 

 Read this topic online here:

 

 http://forums.matronics.com/viewtopic.php?p=471411#471411

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Wed Aug 02, 2017 4:35 pm Post subject: Re: If anyone can help - Aircraft value

That's okay. I thought you were him and sent you the reply I meant for him, if the email had been from him!

_________________
Bob Turner
RV-10 QB

AirMike

Joined: 27 Feb 2007
Posts: 514
Location: Nevada

Posted: Mon Aug 07, 2017 7:22 pm Post subject: If anyone can help - Aircraft value

Meeting with the assessor tomorrow. Can anyone tell me what their tax assessment is? ???  (assessed valuation) plus a short summary of their equipment and interior/exterior.

120K

130K

160K



Any info would me helpful

_________________
See you OSH '18
Q/B - sold.

Bob Turner

Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

Posted: Tue Aug 08, 2017 11:43 am Post subject: Re: If anyone can help - Aircraft value

My -10:

A/W certificate in May 2011. All new (avionics, engine) at that time.

Current assessed value (CA) $155K. I think that's about right.

Exterior paint: do-it-yourself, quality is poor if you get within 20 feet

Interior: basic/bare, spray painted ceilings, no insulation, no window trim.

(These two items tend to drive used prices)

Avionics: Full IFR but last generation (e.g., GPS is 420W, not 650). GRT HX, HS; Dynon D6 backup; GArmin 420W, SL30; Trio Pro autopilot; Trig TT22 transponder; home made audio panel. Skyradar D2 for ADSB-in.

_________________
Bob Turner
RV-10 QB

jdriggs49(at)MSN.COM
Guest

Posted: Tue Aug 08, 2017 4:26 pm Post subject: If anyone can help - Aircraft value

Sounds about right. I had $150k on mine but should have had $180k because I greatly upgraded the radios. Insure it for what you have in it and then pray you never have to collect like I did.



Sent from my iPad



 	  Quote: 	
		   On Aug 8, 2017, at 2:48 PM, Bob Turner <bobturner(at)alum.rpi.edu> wrote:

 

 

 

 My -10:

 A/W certificate in May 2011. All new (avionics, engine) at that time.

 Current assessed value (CA) $155K. I think that's about right.

 Exterior paint: do-it-yourself, quality is poor if you get within 20 feet

 Interior: basic/bare, spray painted ceilings, no insulation, no window trim.

 (These two items tend to drive used prices)

 Avionics: Full IFR but last generation (e.g., GPS is 420W, not 650). GRT HX, HS; Dynon D6 backup; GArmin 420W, SL30; Trio Pro autopilot; Trig TT22 transponder; home made audio panel. Skyradar D2 for ADSB-in.

 

 --------

 Bob Turner

 RV-10 QB

 

 

 

 

 Read this topic online here:

 

 http://forums.matronics.com/viewtopic.php?p=471630#471630

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