Determine Taxable Value of Personal Property
Personal PropertyThe personal property tax is calculated by the Assessor's Office using the appropriate statutes and regulations set by the Legislature and the Nevada Tax Commission. Personal property is normally billed on the unsecured roll. In certain instances it can be added to the real property billing if the owner of the personal property also owns the associated real property. Personal property assessment is determined by the Assessor based on the Nevada Tax Commission regulations that set standards for determining the "cost of replacement" of various types of property. The standards must include a separate index of factors that apply to the acquisition cost of billboards, mobile homes, business and agricultural property to determine their replacement cost.
Seven schedules of depreciation for personal property are based on the expected life of the asset. Billboards and mobile/manufactured homes have their own depreciation and cost schedules.
To determine the "cost of replacement" for the purpose of computing the taxable value, the cost of all improvements, any additions or renovations of the personal property but excluding routine maintenance and repairs, must be added to the cost of acquisition. Upon determination of the assessed value, the Assessor applies the applicable tax district's combined property tax rate to the assessed value. The same rate is used for both the secured and unsecured rolls.
Business Fixtures & EquipmentThe taxable value of business equipment is computed by using the acquisition cost to the current owner adjusted by the cost factors and life and depreciation schedules as provided by the Department of Taxation. Please see the personal property manual for more specific information, or call the Assessor’s office at 775-782-9830.
Mobile / Manufactured HomesMobile/manufactured homes not converted to real property are considered personal property. To determine taxable value the personal property manual used by the Assessor divides mobile/manufactured homes into two categories, as required by statute.
Homes Sold Prior to July 1, 1982
The Assessor uses the retail-selling price when sold to the original owner, less depreciation at five percent per year to a maximum depreciation of 80 percent of the original acquisition cost.
Homes Sold on or after July 1, 1982
The Assessor uses the acquisition cost to the original owner adjusted by cost factors provided by the Nevada Department of Taxation, less depreciation at five percent per year to a maximum depreciation of 80 percent of the adjusted acquisition cost.
BillboardsThe taxable value of a billboard is computed by using the acquisition cost to the current owner adjusted by the cost factors, less depreciation of 1½ percent per year up to a maximum of 50 years.
AircraftThe taxable value of aircraft is computed by using the acquisition cost to the current owner adjusted by cost factors, less depreciation. A standard aircraft will have a life schedule of twenty (20) years. Gliders and kit planes will be depreciated over fifteen (15) years. Both types of aircraft will depreciate to a maximum of 95 percent of the acquisition cost to the current owner, multiplied by certain cost factors as required by law.
Because tax rates and assessment factors may change on an annual basis, please contact the personal property appraiser at the Assessor’s office if you wish to obtain an estimate of potential taxes owed on a particular aircraft. The direct line to that department is 775-782-9073.
If you feel the above information is insufficient, please contact the Assessor's office or see the personal property manual for the respective year you need information for.