Personal Property.

What is taxable personal property? Any tangible, depreciable income producing property including machinery and equipment, furniture and fixtures.

Who must file a Nebraska personal property return? Anyone that owns or hold any taxable, tangible personal property on January 1, 12.01am of each year. Anyone that leases personal property to another person. Anyone that leases personal property from another person or business.

What information do I need for a Personal Property Return? You need to provide the office with a copy of your Federal Depreciation Itemized deduction form. Information requested when filing a schedule includes: name, mailing address, physical address, description of property, year property is purchase, number of units purchased, years depreciated, and taxable value (purchase price).

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.

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 personal property tax… this is not true.