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Old 01-06-2017, 20:11   #1
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Need advice from New Jersey boat owners

Howdy!

Well, I'm pulling the trigger on a boat. I'm excited and terrified. But who wouldn't be?

After reviewing online stuff on registering in Delaware, etc, I'm calculating that simply registering in NJ isn't a bad idea. Sure, I'll have to pay the taxes for the sale, which is a lot, but not too bad (only 3.45%), but after that, are there any NJ boat owners that can lay out the yearly costs? From what I'm seeing, I only need to pay the $53.00 yearly registration fee. Is this correct? That'd be a lot cheaper than yearly costs from DE.

Granted, I don't plan on spending a lot of time in NJ (if any at all), but it will be my home port, and the registration fee only would be a no brainer. I don't plan on going international for a few years. Any advice is appreciated.

-Symo
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Old 28-06-2017, 15:48   #2
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Re: Need advice from New Jersey boat owners

Creating an LLC for the boat in DE does more than change the tax liability. It is a buffer should there ever be an accident. I don't know what size boat you have but it would be the only thing in the LLC. After the insurance is depleted they could take the boat and it would be harder to go after personal property. Just a thought.
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Old 28-06-2017, 16:32   #3
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Re: Need advice from New Jersey boat owners

Thanks Dom!

It's a 34' Hunter, so not too big. I found out that indeed, it's only the 52 dollar reg fee yearly to keep her legal in NJ. That leaves plenty of room for more liability insurance instead of paying the LLC yearly fees... still, something to think about, so thanks for the tip.
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Old 28-06-2017, 17:16   #4
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Re: Need advice from New Jersey boat owners

Sounds like you are buying in a NJ economic zone area so only paying half the sales tax rate. Great.

But, if you are not keeping it in NJ, the state where you use it the most (state of principal use) will want to charge you a one time Use tax. The Use tax rate will be the same as their sales tax rate and they will give you a credit for the sales tax that you paid elsewhere.

Registering in DE as an individual or an LLC will not protect you from the use tax elsewhere. If you pay 0% in DE then you will pay the full boat (pun intended) wherever you end up unless of course that is DE.

It's all pretty sophisticated these days and the Use tax was enacted to prevent registering and using in different places to avoid sales tax.
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Old 28-06-2017, 17:45   #5
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Re: Need advice from New Jersey boat owners

Thanks SP.

So if I'm reading you correctly, as long as I don't overstay my welcome in another state (don't plan to, at least), I shouldn't have any problems. I do plan on maintaining a NJ address and keeping the registration current yearly.
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Old 28-06-2017, 17:49   #6
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Re: Need advice from New Jersey boat owners

I think you need to make some calls to the marinas where you will keep the boat. Just a few expenses that come to mind are:
Seasonal slip rental
Winterization
Anti fouling paint renewal
Zinc replacement
Winter hauling and storage
Spring commissioning and launching
And on and on and on......

But we love our boats anyway
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Old 28-06-2017, 18:03   #7
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Re: Need advice from New Jersey boat owners

Quote:
Originally Posted by pesarsten View Post
I think you need to make some calls to the marinas where you will keep the boat. Just a few expenses that come to mind are:
Seasonal slip rental
Winterization
Anti fouling paint renewal
Zinc replacement
Winter hauling and storage
Spring commissioning and launching
And on and on and on......

But we love our boats anyway
Winter? Spring commissioning? Seasonal??? BAH! A pox on thee!

Just kidding, no pox on thee. Still, the idea is to keep moving.

I've got most of the other maths figured out. Primarily, was initially trying to avoid a huge sales tax fee, but since it got halved in NJ last year, it's actually one of the best places to register a boat if you're not going 'international'.
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Old 28-06-2017, 20:21   #8
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Re: Need advice from New Jersey boat owners

Quote:
Originally Posted by fSymo View Post
Thanks SP.

So if I'm reading you correctly, as long as I don't overstay my welcome in another state (don't plan to, at least), I shouldn't have any problems. I do plan on maintaining a NJ address and keeping the registration current yearly.
Yes.

Different states have different limits. You would have to research each state that you intend to be in.
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