California Aircraft Affidavit
Description
How to fill out Aircraft Affidavit?
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FAQ
Overview of California Taxes California's overall property taxes are below the national average. The average effective property tax rate in California is 0.71%, compared to the national rate, which sits at 0.99%.
Aircraft of historical significance may be eligible for exemption from property taxes. Some of the specific requirements that must be met for the aircraft to qualify for this exemption include: Aircraft must be at least 35 years old, or one of fewer than five that exist worldwide.
Sales tax applies to the sale and purchase of an aircraft. When an owner sells their aircraft, they must pay a sales tax on the money they earn from the transaction. Depending on state law, someone who obtains an aircraft may have to pay a use tax for operating or simply storing the aircraft within the state.
State Aviation Taxes Casual Sale ?Yard Sale Rule?Limited to family members or a trust which is limited and revocableAircraft Registration FeeNoPersonal Property TaxYes; 1-1.2% annuallyJet Fuel TaxExcise; ($0.02) Sales Tax; (7.5%)AvGas TaxExcise; ($0.18)7 more rows
In this case, the fly-away exemption means that you won't be charged the California sales tax. These same exemptions will often limit the amount of time that your airplane can be in the state for the first year after purchase.
The purpose of the Aircraft Property Statement is to provide information to the Assessor in order to determine fair market value for the current year. This form must be filed with the Assessor's office, regardless of the status of any Historical Aircraft Exemption Claim.
The aircraft must be located in a different state when the bill of sale is filed with the Federal Aviation Administration and title (and funds) changes hands from seller to buyer. Ensuring delivery outside of California also ensures that California sales tax is not assessable on the purchase of the aircraft.
