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From: Mark Sienkiewicz (no email)
Date: Thu Aug 08 2002 - 23:48:21 EDT
>Hmmm, how does Md determine the value? BUC? I have a notarized bill of sale
>that states I bought my boat for $1.00.
From the instructions on the registration form:
Applications for Maryland certificates of title and/or registration must be
accompanied by the following documents:
New Vessel - Original manufacturer's or importer's statement or certificate
of origin that includes the purchase price and full description of the
vessel. If the statement/certificate of origin, does not include the
purchase price, a bill of sale, certified under penalty of perjury, signed
by the seller(s) must be provided.
Used Vessel - A bill of sale, certified under penalty of perjury, that
includes the actual purchase price, full description of the vessel, and the
out-of-state registration number. A photocopy of the out-of-state
registration certificate, and the original certificate of title (if vessel
is from a title state).
...
The actual space on the form says "Total purchase price or fair market
value", and fair market value is defined as "Value of the boat, motor, and
accessories (excluding trailer), established by a national publication of
used vessels adopted by the Department, or a certified marine survey".
I expect that if you try to register the boat at a value of $1, the clerk
will think you are trying to evade the tax and charge you based on the BUC
value.
In fact, it sometimes happens that there are unusual transactions like
yours. My father once tried to get title to a car that he paid $20
for. It was so cheap because major systems were missing (e.g. no engine,
so the price was really "$20 and carry it away"), but the Delaware DMV did
not believe any car was worth $20 but still worth titling. They had some
minimum value for a car, and charged tax on that. On the other hand, they
didn't ask for more tax when he put an engine in it.
b.t.w. You can get the form from www.dnr.state.md.us and see a more
detailed explanation.
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