Business Personal Property

Definition


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 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.

Taxation Exemptions


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.

Personal Property Declarations


All businesses having assets within Lyon 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.

Tax Bills


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 and billing staff as the declaration is received. The appraisal staff may conduct field verifications of any data on the completed declaration. The tax billing becomes delinquent and subject to a penalty 30 days after the first billing date.

Computing Your Tax Bills


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 described above. Assessed value is computed by multiplying the taxable value by 35%, rounded to the nearest $1.00.