Personal Property FAQ

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

Who must file a Nebraska personal property return?
Anyone that owns or holds any taxable, tangible personal property on January 1, 12:01 a.m. of each year.
Anyone that leases personal property to another person.
Anyone that leases personal property from another person.
Anyone that brings personal property into Red Willow County between January 1 at 12:01 a.m. and July 1, must list the property for assessment before July 31, unless it can be shown that the personal property was purchased after January 1 or that it was listed for assessment in another jurisdiction.

What information do I need for a Personal Property Return?
Information on a schedule includes: Name, Mailing Address, Physical Address, Description of Property, Year Property is Purchased, Number of Units Purchased, Years Depreciated, and Taxable Value. Years depreciated depends on the type of equipment.

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 property tax…this is not true.

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