Town of Stow To Begin Collecting Excise Tax on Boats in Accordance with State Law
STOW — Town Administrator Denise Dembkoski announces that the Town of Stow will, for the first time, begin assessing excise tax on boats in Fiscal Year 2022.
Massachusetts General Laws Chapter 60B, Section 2 requires communities in the Commonwealth to assess an excise tax on boats that are regularly stored, moored or docked in town as of July 1. The tax is levied for the privilege of using waterways in the Commonwealth.
Revenue generated by the excise tax will be split, with half going to the Town of Stow's general fund, and the other half going to the Municipal Waterways Improvement and Maintenance Fund, in accordance with Massachusetts General Laws Chapter 40, Section 5G.
The Municipal Waterways Improvement and Maintenance Fund is dedicated to maintenance, dredging, cleaning and improvement of harbors, inland waters and great ponds across the Commonwealth, improving public access to those waters, and maintenance of breakwaters, retaining walls, piers, wharves and moorings, as well as for law enforcement and fire prevention.
Lake Boon is among the bodies of water that benefit from the Municipal Waterways Improvement and Maintenance Fund, and funds from the tax will help with maintenance of the lake's waters and access points.
There are believed to be 238 taxable boats located in Stow. Owners of those vessels will be sent tax bills on Nov. 29, with the bills being due on Jan. 28.
Boats will be taxed based on age and length, at $10 per $1,000 of valuation.
To view a table showing valuations of vessels based on age and length, as well as information on possible abatements from the Stow Board of Assessors, click here.