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 manufactured homes, aircraft, and 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 governmental service tax.
WHO MUST FILE A STATEMENT OF BUSINESS EQUIPMENT / ASSETS / PERSONAL PROPERTY WITH THE ASSESSOR?
All businesses, including home-based businesses, having assets within Carson City must complete and file an annual statement which lists any personal property that is used in conjunction with the business as of the lien date on July 1. The Assessor's Office mails the Statement of Business Equipment / Assets / Personal Property the last week of June. The filing deadline is no later than July 31, except for a Statement mailed to you after July 15, in which case the Statement must be returned within 15 days after you receive the Statement. 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 STATEMENT?
The completed statement 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 statement. The cost is defined as the purchase price of the item, including any applicable shipping and installation charges but not sales tax. 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.
STATE OF NEVADA DEPARTMENT OF TAXATION PERSONAL PROPERTY MANUAL
The Nevada Personal Property Manual defines how personal property is assessed in Nevada:
Personal Property Manual 2015-16
Prior years manuals:
Personal Property Manual 2014-15
Personal Property Manual 2013-14
Personal Property Manual 2012-13
WHEN MAY A BUSINESS EXPECT A PERSONAL PROPERTY TAX BILL?
Though the statement 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 statement will be processed by the appraisal and billing staff. The appraisal staff may conduct field verifications of any data on the completed statement. The tax billing becomes delinquent and subject to a penalty 30 days after the first billing date.
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 mentioned above. Assessed value is computed by multiplying the taxable value by 35%, rounded to the nearest $1. The tax rate varies by district.
HOW DO I OBTAIN A STATEMENT OF BUSINESS EQUIPMENT / ASSETS / PERSONAL PROPERTY?
Statements are normally mailed the last week of June of each year to businesses of record. If you do not receive a Statement by July 15, please call our office at (775) 887-2130. We are located at 201 North Carson Street, Suite 6, Carson City Nevada 89701. For your convenience, you may view and download the Statement in Portable Document File (PDF) format. You will need the Adobe Acrobat PDF Reader, which you may download free from the bottom of this page. Please click on STATEMENT OF BUSINESS EQUIPMENT / ASSETS / PERSONAL PROPERTY form . The form will open for you to view, please print this page, fill out the form and return to our office. To return to this page, please use your browser's Back button.
I HAVE RECEIVED MY BUSINESS EQUIPMENT / ASSETS / PERSONAL PROPERTY STATEMENT AND WOULD LIKE TO FILE ON LINE:
Once you have recieved your statement in the mail you can file on line using the "access code". This code can be found in the upper left hand corner of your declaration. If you have questions, please contact our office at 775-887-2130.