Available in All Nebraska Counties
Taxscribe transforms tax management for business owners and CPAs in Nebraska, streamlining the shift from paper forms to efficient online filing. Offering advanced user management, easy data import, intuitive form completion, smooth submission processes, and comprehensive analytics, Taxscribe makes tax filing easier. It ensures businesses of every scale effortlessly navigate Nebraska’s tax compliance requirements.
Available Forms:
- - Nebraska Personal Property Return
What is Tangible Personal Property?
Tangible personal property is any tangible property which is used in a trade or business (commercial, industrial, or agricultural) or for the production of income, and which has a determinable life of more than one year.
Tangible personal property is any tangible property which is used in a trade or business (commercial, industrial, or agricultural) or for the production of income, and which has a determinable life of more than one year.
Who should file a Personal Property Return?
You must file a Personal Property Return if you:
- Hold or own any depreciable taxable tangible personal property on January 1 at 12:01 a.m. of the year for which the assessment is being made;
- Lease depreciable taxable tangible personal property from another person; or
- Lease depreciable taxable tangible personal property to another person, unless the property is listed and valued on a return filed by the lessee.
You must file a Personal Property Return if you:
- Hold or own any depreciable taxable tangible personal property on January 1 at 12:01 a.m. of the year for which the assessment is being made;
- Lease depreciable taxable tangible personal property from another person; or
- Lease depreciable taxable tangible personal property to another person, unless the property is listed and valued on a return filed by the lessee.
When you should file:
The return must be filed on or before May 1st with the county assessor.
The return must be filed on or before May 1st with the county assessor.
Exemptions:
- Exempt personal property includes, but is not limited to, motor vehicles, trailers, semitrailers registered for highway use, livestock, and certain rental equipment.
- Various exemption forms can be found here: https://revenue.nebraska.gov/about/forms/pad-forms
- Exempt personal property includes, but is not limited to, motor vehicles, trailers, semitrailers registered for highway use, livestock, and certain rental equipment.
- Various exemption forms can be found here: https://revenue.nebraska.gov/about/forms/pad-forms
Important Notes:
- Depreciable taxable tangible personal property added after May 1 and on or before June 30 of the year the property was required to be reported is subject to a penalty of 10% of the tax due on the value added.
- Depreciable taxable tangible personal property added on or after July 1 of the year the property was required to be reported is subject to a penalty of 25% of the tax due on the value added.
- If you have property in more than one county, you must file a return with each county in which you have property. If you have property at more than one location in the same county, contact the county assessor to determine if more than one return is required.
- Depreciable taxable tangible personal property added after May 1 and on or before June 30 of the year the property was required to be reported is subject to a penalty of 10% of the tax due on the value added.
- Depreciable taxable tangible personal property added on or after July 1 of the year the property was required to be reported is subject to a penalty of 25% of the tax due on the value added.
- If you have property in more than one county, you must file a return with each county in which you have property. If you have property at more than one location in the same county, contact the county assessor to determine if more than one return is required.
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