What Is Personal Property?
According to Nevada Revised Statutes, all property that is not defined or taxed as "real estate" or "real property" is considered to be "personal property." Taxable personal property includes mobile homes, aircraft, and all property used in conjunction with a business. Business personal property is taxable whether it is owned, leased, rented, loaned, or otherwise made available to the business. The taxation of business personal property has been in effect since Nevada became a state in 1864. Nevada Revised Statutes, Chapter 360-361, provide for the taxation of all property, unless specifically exempted by law.
What Types of Business Personal Property are Exempt From Taxation?
Property that is exempt from taxation includes business inventory held for resale, consumable supplies, livestock, boats, and personal household belongings. The exemption of household goods does not extend to personal property or furnishings rented or leased to another party or rented in conjunction with the rental of a dwelling unit. Motor vehicles required to be registered with the Nevada Department of Motor Vehicles and Public Safety are exempt from the property tax, though subject to a privilege tax.
Who Must File a Business Personal Property Declaration With the Assessor?
All businesses having assets within Douglas County must complete and file an annual declaration which lists any personal property that is used in conjunction with the business as of the lien date, which is July 1st. The "Declaration" is normally filed during the month of July each year. If the "Declaration" is received by the business at any other time, it is due within fifteen days of receipt. New businesses should contact the Douglas County Assessor at the time of opening. Please remember, the responsibility of keeping the Assessor informed of any changes in the business address, location or mailing change, is that of the taxpayer.
What Is the Purpose of the Declaration?
The completed declaration provides most of the information needed to determine the taxable value of the business personal property. All personal property used for the business should be listed completely and accurately. The cost and year of acquisition should be listed on the declaration. The cost is defined as the purchase price of the item, including any applicable shipping and installation charges. The year of purchase or acquisition is needed so that the value of the property can be reduced by any applicable depreciation. The depreciation factors are based on expected life schedules prescribed by the Nevada Tax Commission through the Nevada Administrative Code.
When May a Business Expect a Personal Property Tax Bill?
Though the declaration may be completed and returned to the Assessor in July, the personal property tax billing may be calculated and sent any time between the time it is received by the Assessor and the following April 30. The returned declaration will be processed by the appraisal staff as the declaration is received. The appraisal staff may conduct field verifications of any data on the completed declaration.
How Is the Tax Amount Computed?
In Nevada, property taxes are based on "assessed value." In the case of business personal property tax, a "taxable value" is arrived at by reducing the original or acquisition cost by depreciation factors. Assessed value is computed by multiplying the taxable value by 35%.
Where Can I Get Assistance to Complete the Form?
Most questions pertaining to the business personal property declaration can be answered by calling the Assessor’s Office at 782-9830 and requesting to speak to a personal property appraiser. For more complex questions, a meeting may be scheduled either at the Assessor’s Office or at your place of business.
How do I Obtain a Personal Property Declaration?
Declarations are normally mailed by June of each year to businesses of record. If you do not receive a declaration by July 15, please call our office at 782-9830. Our Minden office is located at 1616 8th St. and our Lake Tahoe office is at 150 Hwy 50.
New businesses can also click the following link:
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BUSINESS DECLARATION FORM