Business Personal Property
Business Personal Property Changes - September 2020
On August 20, 2020, Neb. Law 2020 LB 1107 was signed into law eliminating the Personal Property Tax Relief Credit Act after the 2019 year. This eliminates the personal property exemption for the first $10,000 of valuation of a taxpayer's tangible personal property in each tax district for tax year 2020 and each tax year thereafter.
For tax year 2020 and each following tax year, the full value of tangible personal property reported for the current tax year is subject to personal property taxation. The Department of Revenue has published a Guidance Bulletin.
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.
The 2020 Nebraska Personal Property returns are available on our web site. 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, please sign and return a copy to the Sarpy County Assessor's office on or before May 1, 2020 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.