Once the value of the vessel is determined, an excise at the rate of $10 per thousand of valuation is assessed. Excise tax is assessed annually, July 1 through June 30, by the assessors. If the vessel is registered after July 1, the tax will be issued in the next Fiscal Year. For example, if a vessel is registered on August 30, it will be taxable as of July 1 in the following Fiscal Year. In no event shall the excise be assessed for less than $5, nor shall abatement or refund reduce an excise to less than $5.