NEBRASKA PERSONAL PROPERTY RETURNS AND SCHEDULES ARE DUE ANNUALLY ON OR BEFORE MAY 1.
All persons, partnerships, corporations, proprietorships, companies, firms, farmers, ranchers and other entities holding or owning tangible, depreciable personal property subject to taxation on January 1, 12:01 A.M. of each year must file a Nebraska Personal Property return. This return must be filed on or before May 1st in the office of the County Assessor where the personal property is located. When May 1st falls on a weekend, the following Monday will be the due date.
The following personal property is required to be assessed: commercial and industrial equipment, agricultural machinery and equipment, which are listed on your federal depreciation worksheet and all other depreciable items. For personal property tax purposes, property with a federal section 179 deduction is treated exactly like property for which typical depreciation is taken. Even though this property is depreciated or "expensed out" in one year, it is still taxable for the duration of the appropriate property tax recovery period.
Beginning in 2016, the Personal Property Tax Relief Act provides an exemption of the first $10,000 of tangible personal property value for each tax district in which a personal property return is filed by a taxpayer. Failure to report tangible personal property on the personal property return will result in a forfeiture of the exemption for any personal property not timely reported for that year. See Nebraska Department of Revenue Directive 15-5.
The 2017 Nebraska Personal Property returns will be available on our web site after January 9, 2017. For pre-printed returns, based on last year's filing, click on the link below "to obtain your Nebraska Personal Property schedule". You can enter your schedule number, address or name of your business. In the Personal Property Results, click on the schedule # you want to print. Add any items not listed and delete any items that you no longer own.
Once you have completed the return, then sign and return a copy to the Sarpy County Assessor's office on or before May 1, 2017 by mail, fax, or e-mail. We also need a copy of your federal depreciation worksheet from you or your accountant. Also, any depreciable items placed in service last year and not listed on your worksheet must be reported, along with any leased equipment.