Just found this:
“McCaskill and her husband, Joe Shepard, co-own the eight-seat, two-engine plane with other investors. They bought it in July of 2006 through Sunset Cove Associates, an LLC her husband incorporated in 2002.”
Can't say I'm a CPA or understand the particulars of Missouri tax law, but it sounds to me that this should be something on a corporate tax basis rather than personal property tax. Is it 'Sunset Cove Associates, LLC' a ficticous entity, who owes the taxes? Or is the person. If it is the corporation known as Sunset, why is it liable for 'personal property' tax?
I just don't get it. I have known a few guys who 'owned" airplanes, but they would generally put them under a business entity and rent them to others when the opportunity arose and made it a business proposition and paid the taxes on that basis.
But it would have to be some very bodacious airplane to owe over $70 k per year on any personal property tax that I have heard of.
Something is not adding up to me. Not even to mention that I think any 'personal property tax' other than real estate that can't be moved, should be unconstitutional.
If it is neither based on income, (a bad way to do it) or on spending, (a better way) who the hell is the government (at any level) to determine the amount a car, boat or airplane is worth? It's BS.