Frequently Asked Questions – Personal Property
What is taxable personal property?
Personal property is defined as tangible, depreciable income producing property including machinery and equipment, furniture and fixtures.
Who must file a Nebraska personal property return?
Anyone that owns or holds any taxable, tangible personal property on January 1, 12:01 a.m. of each year.
Anyone that leases personal property to another person.
Anyone that leases personal property from another person.
Anyone that brings personal property into the County between January 1 at 12:01 a.m. and July 1, must list the property for assessment before July 31, unless it can be shown that the personal property was purchased after January 1 or that it was listed for assessment in another jurisdiction.
What information do I need for a Personal Property Return?
Information on a schedule includes: Name, Mailing Address, Physical Address, Description of Property, Year Property is Purchased, Number of Units Purchased, Years Depreciated, and Taxable Value. Years depreciated depends on the type of equipment and are 3, 5,7, 10,15 and 20. This information will be found on your depreciation worksheet used to file your Federal Income Tax Return and must be brought in when you file.
When do I need to file my return?
The schedule must be signed every year between January 1st and May 1st letting us know what was owned as of January 1st. If a schedule is not signed by May 1st a 10% penalty will be added to the tax bill. If a schedule is not signed by August 1st a schedule will be prepared by our office for you and a 25% penalty will be added to the tax bill.
What if I expensed my equipment as a section 179 deduction?
Equipment expensed as a section 179 deduction is still taxable on your personal property schedule.
If I pay sales tax do I still have to pay Personal Property Tax?
Yes. There is a common misconception that you may choose to pay either the sales tax or property tax, this is not true. Personal property must be filed whether you pay sales tax on the equipment or not.
Will I receive a schedule in the mail?
In the past, this office mailed out schedules to personal property owners. Postcards have now replaced the schedules as reminders to file.
What if I do not receive a schedule or postcard reminder to file my schedule?
The schedules and postcards are only a courtesy that the Assessor’s office provides. Failure to receive notice does not exempt you from filing a personal property return.
Can I protest my value, penalties, or tax amounts?
No. Personal Property is a self assessment law. We value the property based on what you have provided us with your depreciation schedule. Penalties can not be waived unless incorrectly imposed or calculated. Tax amounts are based on your value and tax levies.