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States typically impose sales and use tax for the sale, purchase, and use of aircraft. However, the amount of imposed sales and use taxes vary from state to state. Each state enforces specific tax laws that aircraft owners must adhere to.
Taxable value is the value used to calculate taxes due on your property. Commercial property is assessed at 9.5% of market value. Industrial property is assessed at 11.5% of market value.
Besides, an over-ocean closing for a U.S. aircraft is unnecessary. Several states (Alaska, Connecticut, Delaware, Massachusetts, Montana, New Hampshire, Oregon and Rhode Island) have basically no sales tax on business jet sales.
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.
Most states impose a sales and use taxes of between 3% and 10% on aircraft purchase transactions, but there are exceptions.
Businesses which are not exempt from personal property taxes are required to file a personal property statement (Form 632) by February 20 of each year. For 2023, the deadline is February 21 due to February 20 being a State holiday.
Wyoming imposes a statewide sales/use tax at a rate of 4% plus local sales/use tax at rates between 0.5% and 2%. Wyoming does not provide a general sales tax exemption for casual sales of aircraft.
State Aviation Tax Sales Tax Rate ? 5.6%; plus 0-7.1% local tax.