What Must be Reported
Aircraft owners are required to file an Aircraft Property Statement providing information about the aircraft such as the serial number, make, model, year of manufacture of the aircraft, and engine and maintenance information, including the total hours logged on the aircraft following the last major overhaul of the engine of the aircraft. This information is used to assess the current market value for tax purposes.
[California Revenue and Taxation Code sections 5362; 5365; 5367]
How Aircraft is Valued
Once the Aircraft Property Statement is filed, the Assessor uses that information to determine the value of the aircraft considering such things as purchase price, avionics, condition, recent sales of comparable aircraft, and nationally published value guides.
[Revenue and Taxation Code section 5365]
An annual Aircraft Property Statement must be filed with the Assessor on or before April 1. Failure to return the form by the specified due date will require the Assessor to add a 10% penalty to the market value of your aircraft.
[California Revenue and Taxation Code section 5367]
How Often Your Aircraft is Assessed
State law requires that aircraft be assessed on the January 1 lien date annually at the situs (location) where they are regularly or habitually situated at the airport where it spends the most ground time in California.
The Aircraft Property Statement is not a public document. The information you provide will be held secret by the Assessor. It can only be disclosed to the district attorney, grand jury, and other agencies specified in section 408. Attached schedules are considered to be part of the statement.
[California Revenue and Taxation Code sections 408; 451]