| Author | Message | ||
| Mr. Doody (Doody)
Member Username: Doody Post Number: 559 Registered: 11-2001 |
horsefly - i don't believe that most state property taxes on cars are based on collector value, but rather on a coarse time-value. in MA i believe once a car is 10 years old (or something like that) there's no more property tax on it - regardless of whether it's worth $10 or $1M. we call it an "excise tax" here. the annual valuations plummet precipitously and the stated values for tax purposes are almost always way way below market values. i'm sure other states vary, but it seems particularly nasty to tax cars on collector value. real estate is about the only thing that gets taxed near market rates, and my understanding is that they pull back on that usually since market rate can be affected by so many things in a heartbeat (accident, fire, market collapse, etc.). imagine taxing a guy for a $1M car on tuesday and on thursday the FedEx accidentally puts the truck in reverse instead of drive and backs into it! ouch. that'd be a sucky tax bill to have paid! doody | ||
| David P. Smith (Dave330gtc)
New member Username: Dave330gtc Post Number: 41 Registered: 3-2002 |
I did not know that those were Basil's cars. I talked to him over 20 years ago about a 400 Superamerica in somewhat better condition than these cars that he had for sale. I have seen his ads for years regarding old Ferrari parts. Is he still around? | ||
| Lee Sanders (Lsand007)
New member Username: Lsand007 Post Number: 14 Registered: 3-2002 |
Gentlemen: What you have in these photos is: 275 GTB II Shortnose - Telaio # 7009GT 250 GT/L Lusso - Telaio # 5045GT Sold to Jan A. Bruijn; the car is now at the Deventer Museum - Holland. LWB California Spider - Telaio # 0927GT These were owned at the time of these photos by Basil Shadlun of Howell, NJ. These were his last 3 barn Ferraris. Regards, Lee | ||
| Dave Penhale (Dapper)
Member Username: Dapper Post Number: 326 Registered: 4-2002 |
Horsefly, thats amazing tax law if true, wow and I thought Britain was tax outrageous. | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 335 Registered: 5-2002 |
I'm not talking about capital gains from a profit from selling the cars, I'm talking about personal property taxes. I thought that in states with personal property taxes, you paid a tax/fee based on what your personal property was worth. It wouldn't make any difference whether you wanted to license and drive the cars or not; if they're worth a million dollars, you paid a property tax/fee based on a million dollars, regardless whether they were licensed and driven or not. Therefore if you owned 3 cars worth a million dollars rusting away in your basement, you would owe the state a ton of money each year just for owning and possessing those cars. Does New Jersey have a personal property tax? If so, somebody should have/could have been paying alot of cash just to own those cars. | ||
| David P. Smith (Dave330gtc)
New member Username: Dave330gtc Post Number: 40 Registered: 3-2002 |
I would think that there would be a lot of capital gains to pay on these items. I remember when they were on ebay but I don't remember that they sold. The Lusso was on a couple of times. I also think the engine was apart on one of these cars, They need more than new gas in the tank to be driveable. It does make my heart race to see these pictures again. You never know what you might run across. | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 1452 Registered: 9-2001 |
You only owe those taxes on a car in most states once you register then for a license plate. No plate = no taxes. | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 330 Registered: 5-2002 |
I really wonder about valuable barn cars like those Ferraris. Most states have property taxes where you have to pay a tax just because you own something. I wonder how somebody "forgets" to mention to the tax boys that you have a million dollars worth of old Ferraris in your basement. Even if they were purchased for $1000 each back in the sixties, they're still worth a fortune and wouldn't the tax boys pounce upon the scene and "demand" their retroactive property taxes? | ||
| Rob Lay (Rob328gts)
Board Administrator Username: Rob328gts Post Number: 2558 Registered: 12-2000 |
Yes, I remember when these sold on ebay last year. If they were truly barned up for a long time, then it makes for a good story. I think classic car community romanticizes these old barn finds. Lately there's been a trend where unrestored originals are getting more money than restored cars. | ||
| Tim G. (Tim)
Junior Member Username: Tim Post Number: 194 Registered: 3-2002 |
looks like they didnt know how to block a car up for storage - or they took it literally. | ||
| Martin (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 3055 Registered: 5-2001 |
I like the motto: "Loan Nothing" | ||
| william speer (Wspeer)
Junior Member Username: Wspeer Post Number: 69 Registered: 8-2002 |
these cars were auctioned on ebay about a year or so ago. they were found in a new jersey barn. the auction was called alladins cave and i believe they all sold for outrageous prices. they cars were a 275 gtb, lusso, and a california lwb spyder. i rember the lusso sold for $95k, and the spyder sold for around $475k. neither of which were good prices as the car are in terrible condition and will require extensive rebuilding. i may be slightly off on the prices, but they stick out in my head as i watched the auctions looking for a bargain and then watched them in shear bisbelief. there was another barn (or old building is a better description, right next to this one that had some old jaguars that were auctioned off around the same time. | ||
| Ernesto (T88power)
Member Username: T88power Post Number: 831 Registered: 2-2001 |
I am 75% sure these photos were included in an eBay auction many months ago. Don't remember the specifics. Ernesto | ||
| Dave Penhale (Dapper)
Member Username: Dapper Post Number: 323 Registered: 4-2002 |
wouldn't be at all suprised if a replica '250 GTO' hasn't been hatched from the cars by now. | ||
| Andrew Menasce (Amenasce)
Member Username: Amenasce Post Number: 309 Registered: 10-2001 |
thanks Dan , that would be great ! | ||
| Dan (Bobafett)
Junior Member Username: Bobafett Post Number: 60 Registered: 9-2002 |
This was all in some garage dsicovered about 3 years ago, if I remember. There was an article about the whole thing - I'll try to find it tonight if no one steps in with the story. --Dan | ||
| Andrew Menasce (Amenasce)
Member Username: Amenasce Post Number: 308 Registered: 10-2001 |
It could be a 250 California wth modified head lights ? It reminds me of the 250 TDF GTZ .. | ||
| Andrew Menasce (Amenasce)
Member Username: Amenasce Post Number: 307 Registered: 10-2001 |
I have had this pic on my Hard drive for some times now but i wonder if it was taken recently ? I can see a 250 GTL, a 275 GTB/2 long nose and what looks like a TDF cabriolet ? ( its not a california , nor a PF cab ..what is it then ? )   |