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Value of Plans Built Zodiac
I'm looking into selecting an airport to keep my plane at once I've finished building it. My question is, how much will it be worth? The reason for the question is that one consideration I'm using for selecting an airport is the personal property tax rate. These vary wildly from county to county here in Virginia.
How have others of you set a value for their plans built planes? I would think that for insurance I'd want a high value, as to be able to replace it, but for taxes it should be a fair market value, and I have no idea if I could even sell it if I tried.
Dan Dempsey
Comment
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Comment by Dan Dempsey on April 26, 2013 at 12:30pm
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By the way my scratch built has cost $29,860 to date. I keep my receipts catagorized. So those were what I call "direct" expenses. Then I've spent another 5,700 or so on what are "indirect" expenses, like the purchase of tools. So if you add them I've spent 35,600.
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So Ron, you're saying the value is the cost of construction?
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Comment by Ron Lendon on April 17, 2012 at 9:46pm
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Dan,
My scratch built XLB should come in under $30k last count was $28,828 and it's just about ready for flight. Now granted it is a little on the high side because of redoing the engine and helping with development of fifth bearing, but I keep pretty good records of all the expenses. I also have a record of all the taxes paid which just might come in handy.
28828
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