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County Home => Assessor`s Office => Business Personal Property => Business Personal Property FAQs

 

Business Personal Property FAQs
Washoe County Assessor

It is a tax according to value (ad valorem) levied on all property not permanently affixed to land, such as business equipment, building improvements, aircraft , agricultural equipment, possessory interests, billboards, etc. Click here for Personal Property Overview.
The personal property declaration requires you to report information on any taxable personal property owned, claimed, possessed, controlled or managed by the person, firm, corporation, association or company on July 1st of the current fiscal year. This information includes the location, the cost and year of acquisition of each item of taxable personal property, including any applicable shipping and installation charges and the cost of any improvements of the personal property, such as additions to or renovations of the property other than routine maintenance or repairs.

Items that are exempt from taxation include business inventory held for resale, consumable supplies (to be used within one year), 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.
No. Report the original acquisition costs, and year of acquisition. The Assessors office will apply depreciation according to a schedule supplied by the Nevada Department of Taxation.

No. On of July 1, 1998 the Nevada Administrative Code was changed to exclude sales tax in the determination of original costs for personal property declarations. (NAC 361.134)
Your original cost x cost index - depreciation = taxable value. The Nevada Department of Taxation provides the replacement cost and depreciation factors, used to determine the taxable values.

Taxable value is assessed at 35%. Taxable Value x .35 = Assessed Value.
Tax information is maintained by the Office of the Washoe County Treasurer

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Sales tax is a one-time tax, which is collected at the point of sale. Personal property tax is an annual tax, which is based on the current value of the property.
State statutes require every person, firm, corporation, association or company doing business in Nevada to report annually to the county where the personal property is located.
Notice to file reminders are sent out in late June of each year. Declarations must be filed online no later than July 31st. The assessor may grant one or more 30 day extension`s on request.

When operating a business from your home, report all personal property used for business purposes.
Report used equipment in the same manner as other personal property. If you do not have a record of your acquisition cost, you may either 1) Report an estimate of the value of the item in the year you acquired it, or, 2) Estimate the current value of the item in its present condition, and report the year of acquisition as the current calendar year.
You will be required to furnish information regarding the name & address of the owner or lessor and a description of the equipment.
For equipment that does not have an acquisition cost, you may either 1) Report an estimate of the value of the item in the year you acquired it, or 2) Estimate the current value of the item in its present condition, and report the year of acquisition as the current calendar year.

Report all building improvements you have made in detail, including year of acquisition, description and cost. Our office will determine if they are taxable and also make sure they will not be taxed as both personal property and real property.
If you do not use any furniture, fixtures, equipment, etc. , please indicate this on the declaration. Continue to file a declaration every year you are in business and/or have a business license.

NRS 361.265 requires the Assessor to estimate the value of the personal property and issue a tax bill based on the estimated value.
Do not send payment with your declaration. Although a lien for the taxes attaches on July 1st, personal property bills are sent out between August and May of each fiscal year. Taxes are due on the "due" date on the personal property tax bill. In Washoe County the Treasurer`s Office collects the taxes.

There is no provision in the statues for proration. If you are in business on July 1st you are liable for the full tax amount.
If, in your opinion, the assessed value of your personal property shown on your bill is incorrect please feel free to contact the Assessor`s Office. If, after discussing the matter, a difference of opinion still exists, you may appeal your assessment to the County or State Board of Equalization. You may obtain the forms from the Assessor`s Office.

Yes. Please e-mail or otherwise notify our office in writing of any changes at any time of the year. Please include your new physical location, mailing address or the approximate date the business terminated.