Registering vs Documenting in Michigan - Page 2 - SailNet Community
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post #11 of 22 Old 05-01-2007
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I would agree, if your lender does not give you a benefit to document, and you are not leaving the country, just register it with the state and put the numbers on the hull.

My lender required documentation, and charged about $500 which is absurd, but I let them do it because I did not want to deal with it. I am also in Michigan and decided to register as well. I find that the local sheriffs, DNR, and Coasties will want to check you out if they do not see state registration numbers. It is unusual here not to show registration so they check closer. Not a big issue, unless they find some other violation while checking documentation, just an inconvenience.


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post #12 of 22 Old 05-01-2007 Thread Starter
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Tom & Everyone else -

Thanks for all your input. I checked with our lender and he does require documentation. Therefore I think I will pursue it on my own to save some money.
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post #13 of 22 Old 05-01-2007
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What is the tax imapct. Your state will charge prperty tax if it is registered. Will they charge you property tax if it just documented and not registered
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post #14 of 22 Old 05-01-2007
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Some states if your boat is documented, you still must have numbers on the side of your dinkny is it has a motor on it.

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post #15 of 22 Old 05-01-2007
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Quote:
Originally Posted by jackytdunaway
What is the tax imapct. Your state will charge prperty tax if it is registered. Will they charge you property tax if it just documented and not registered
You will have to pay property or excise tax on it regardless of whether it is USCG documented or just state-registered.

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post #16 of 22 Old 05-01-2007
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With some States, including RI, boats are exempt from property and sales tax. When adopted in the early '90s, this was a huge boost for Rhode Island's maritime industries.

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post #17 of 22 Old 05-01-2007
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Currently Documented

The big issue regarding documentation is whether the boat has been documented by the prior owner. If the boat IS documented, transferring the documentation to your name is not a big issue, can you can have a professional do it for $2-300, or I guess you can do it yourself..

If the boat is not presently documented, the process is more difficult, and even most difficult if the boat was built outside theUSA or if the builder is out of business. Here's a prior thread..
http://www.sailnet.com/forums/buying...ered-boat.html

PS= remember that visiting Canada is leaving the USA.
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post #18 of 22 Old 05-01-2007
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Michigan is a sales tax state. No property tax on boats. Of course, the state is just about broke and getting worse. The gov wants to raise taxes to remedy things, not do the hard thing and control costs.
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post #19 of 22 Old 05-01-2007
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As previously mentioned, if the the boat is currently documented, it is very simple to change the documentation to you.

The forms are available on the Coast Guard web site. You will need the bill of sale, and it must be notarized.

The documentation fee is about $100. Note that if you want to change the name of the boat you should do that at the same time you change the documentation from the old owner to you. Otherwise you will have to spend another $100 to change the name.

Barry

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post #20 of 22 Old 05-01-2007
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There is a GREAT summation of several sources (Sailnet included) on this topic here: Costs Of Buying And Cruising On A Boat. The topic is even disected into the tax ramifications for several states.

In a nutshell: US Coast Guard FAQ about documenting a vessel. Costs about $85.

USCG table of fees.

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