Opinion ID: 2794543
Heading Depth: 3
Heading Rank: 1

Heading: Taxation of P ersonal P roperty

Text: Under Nebraska law, the owner of personal property must compile a list of all its tangible personal property having a tax situs in Nebraska.2 The list must be on the forms prescribed by the Department of Revenue’s Tax Commissioner and must be filed as a personal property tax return on or before May 1 of each year.3 A party seeking a personal property exemption shall file a claim on the form and supporting schedules prescribed by the Tax Commissioner.4 The county assessor reviews the personal property tax returns and changes the reported valuation of any item of taxable tangible personal property to conform the valuation to net book value.5 The assessor also lists any item of taxable tangible personal property omitted from a personal property return and values the item at net book value.6