Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 350 - Nebraska Department of Revenue, Property Assessment Division › Chapter 20 - Personal Property Regulations › Section 350-20-002 - PROCEDURES

Current through June 17, 2024
002.01 Taxpayers Responsibilities
002.01A All taxable personal property located
				in this state on January 1, 12:01 a.m., shall be assessed annually.
002.01B All taxable personal property shall
				be valued at its taxable value as of the assessment date of January 1, 12:01
				a.m.
002.01C Every person required
				to list taxable personal property shall file a return and supporting schedules
				consisting of all personal property which he or she is required to list, either
				as owner, lessee, or occupant in control thereof, or as parent, guardian,
				trustee, personal representative, administrator, receiver, accounting officer,
				partner or agent. Such return shall contain an itemized list of all taxable
				personal property along with the taxable value of each item, and shall be
				signed by the person or his or her agent. The listing may include items of
				taxable personal property that have a net book value of zero.
002.01C(1) The payment or nonpayment of sales
				tax does not affect the property tax status of personal property. If the
				property is depreciable tangible personal property, it is subject to personal
				property taxation. While a sales tax exemption may be available for certain
				purchases, there is never a choice to pay either sales or property taxes. In
				most cases, both sales tax and property taxes are payable.
002.01D The form of the personal
				property return shall be prescribed by the Tax Commissioner and furnished by
				the assessor.
002.01E The personal
				property return must be filed with the assessor on or before May 1 of each
				year.
002.01F When taxable personal
				property is brought into this state or into one county from another county
				between January 1, 12:01 a.m., and July 1, it is the duty of the owner, within
				30 days after July 1, to list and return such property for taxation for the
				current tax year unless he or she can produce a copy of the current assessment
				duly certified by the proper officer of the state or county, or shows that the
				personal property was received in exchange for money or other property already
				subject to taxation during that year. If proof of assessment or purchase is not
				produced, the assessor shall promptly assess the property and enter it on the
				tax books the same as other cases. Notice of the assessment made pursuant to
				this regulation and a protest thereof may be made in the same manner prescribed
				in REG-20-003.02 and 20-003.04.
002.01G When the date for filing or
				submitting a personal property return and supporting schedules or any other
				requirement under REG 20-002, falls on a Saturday, Sunday, or legal holiday,
				the items will be considered timely filed if performed in person or postmarked
				on the next business day. When any document is sent by ordinary mail the
				postmarked date shall be used to determine the date filed. When any document is
				sent by either certified or registered mail, the certification or registration
				date shall be used as the postmarked date.