What is Real
Property?
Real Property includes all lands, buildings, fixtures, improvements, improvements on leased land and cabin trailers and mobile homes not registered for highway use but utilized like a building. Real property also includes mines, minerals, quarries, mineral springs and wells, oil and gas wells, overriding royalty interests, and production payments with respect to oil or gas leases. Lastly all real property includes all privileges pertaining to the real property.
How is real property
valued?
The assessor is responsible for
valuing at actual value all real property in the county except railroads and
public service entities. The Property
Tax Administrator is responsible for valuing the real property of railroads and
public service entities.
All property in this state, which is subject
to taxation, must be valued as of January 1,
For more information of the assessment process see http://pat.nol.org/
Real Property taxes are due December 31. The first half of the tax becomes delinquent on the following May 1 and the second half becomes delinquent on September 1, except in Douglas, Lancaster, and Sarpy counties, where the first half is delinquent on April 1 and second half becomes delinquent on August 1.
What is
Personal Property?
Personal Property is described as tangible, depreciable income producing property, equipment, furniture and fixtures. Depreciable property is property for which federal depreciation is allowed. For property to be depreciable it must meet the following requirements:
1) Be used in a trade or business or used for the production of income: and
2) Must have a determinable life of longer than one year.
Whether or not the taxpayer actually takes federal depreciation for property, which is depreciable, has no bearing on its taxability for personal property taxation—If it is depreciable tangible personal property, it is subject to personal property taxation.
For more information visit http://pat.nol.org
Who must file
a
Anyone that owns or holds any taxable, depreciable income producing property on January 1 of each year must file a return. Anyone that leases personal property to or from another person must also file a return. Forms are available in the Assessor’s Office or the Department of Property Assessment and Taxation.
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