Tax Savings

Revenue and Taxation Code section 227 allows certain vessels to be assessed at 4% of its full cash value only if the vessel is engaged or employed exclusively in any of the following:

• In the taking and possession of fish or other living resource of the sea for commercial purposes.
• In instruction or research studies as an oceanographic research vessel.
• In carrying or transporting seven or more people for hire for commercial passenger fishing purposes and holds a current certificate of inspection issued by the United States Coast Guard

If you believe you qualify, please contact our office at (805) 654-2181 to obtain BOE-576-E. The affidavit must be filed with the Assessor’s Office by February 15 of each year. If the affidavit is filed between February 16 and August 1, only 80% of the reduced assessment is available.