YORK – York County Assessor Kurt Bulgrin has issued a reminder that a personal property returns and schedules deadline has been set and will arrive in a few short months.
Bulgrin said the Nebraska Department of Revenue, Property Assessment Division, is reminding owners of personal property that the returns and schedules must be filed on or before May 1 – with their county assessor’s office. The paperwork must be filed with the assessor in the county where the personal property is located.
If someone has property at more than one location, they can contact the assessor’s office to determine the tax district.
A Nebraska Personal Property Return and Schedule must be filed for all depreciable tangible personal that is: a) owned or held on January 1, at 12:01 a.m., of each year; or b) leased from or to another person.
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If depreciable tangible personal property subject to taxation is not reported by May 1, it is subject to the following penalties: If value is added after May 1, but on or before June 30, 10% of the tax due on the value is added. If value is added on or after July 1, 25% of the tax due on the value is added.
The payment or nonpayment of sales tax does not impact the property tax status of tangible personal property.
The Nebraska Personal Property Return and additional information regarding taxable tangible personal property is available at https://revenue.nebraska.gov/PAD/personal-property.