Other ships and vessels

From the 2024 DOR Tax Exemption Study

84.36.090 - Other ships and vessels Description All ships and vessels, other than commercial vessels and vessels under construction, are exempt from property tax. Purpose Protects the owners of pleasure boats and other vessels from paying both the personal property tax and the 0.5% state watercraft excise tax. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $6.256 $5.582 $5.313 $5.140 Local Taxes $18.480 $17.150 $16.703 $16.662 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ 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 $0.480 $0.908 $0.900 Assumptions - The total estimated exempt value is $3.1 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Growth rate mirrors the property tax growth rate reflected in the