Historic vessels

From the 2024 DOR Tax Exemption Study

84.36.080(2) - Historic vessels Description Ships and vessels listed on the state or federal register of historic places are exempt from all property tax. Purpose Encourages retention and restoration of historic boats. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.021 $0.020 $0.019 $0.019 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing a property tax exemption would not increase state revenues. The repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. The repeal may decrease the local rate. Local taxing districts at their statutory maximum may experience a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - The total exempt value is $9.6 million. - This repeal takes effect beginning with property taxes due for calendar year 2025. - The value of historic vessels remains constant. - Growth rate mirrors the property tax growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Repealin