Carson City - cont.
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Schedules of depreciation
for personal property based on expected life and separate schedules for
short, average and long life items.
Motor Vehicle~ - registered in Nevada and operated on highways pay a
motor vehicle privilege tax instead of personal property tax. To determine the "cost of replacement"
for the purpose of computing
taxable value, the cost of all improvements, any additions to or
renovations of the personal property but excluding routine maintenance and
repairs, must be added to the cost of acquisition. HOW THE TAX RATE IS
DETERMINED The tax rate is proposed in April of each year based on the budgets
prepared by the various local governments. In June the Nevada Tax
Commission approves the property tax rates based on the budgets submitted
by the local governments. HOW THE TAXABLE VALUE OF PERSONAL PROPERTY IS DETERMINED General - The Assessor uses the Personal Property Manual that is approved by the Nevada Tax Commission to determine taxable value Mobile/Manufactured Homes Mobile/manufactured homes not converted to real property are considered personal property. To determine taxable value the Personal Property Manual used by the Assessor divides mobile/manufactured homes into two categories, as required by statute. 1. Homes sold prior to July 1, 1982. The Assessor uses the retail selling price when sold to the original owner less depreciation at five percent per year to a maximum depreciation of 80 percent of the original acquisition cost. |
2. Homes sold on or after July 1, 1982. The Assessor uses the acquisition cost to the original owner adjusted by the cost factors, less depreciation at five percent per year to a maximum depreciation of 80 percent of the original acquisition cost. Boats - operated in Nevada pay a registration fee instead of personal property tax. Billboards - the taxable value of a billboard is computed by using the acquisition cost to the current owner adjusted by the cost factors, less depreciation of 1.5 percent per year up to a maximum of 50 years. CHANGE The assessed value of personal property can change because of depreciation, the addition or deletion of personal property and the yearly change in cost index factors. That new value when multiplied by the property tax rate may change the property tax due. PERSONAL PROPERTY TAX EXEMPTIONS The following items are exempt from taxation: Inventory held for sale by a merchant or manufacturer. Personal Property in transit or warehoused in Nevada (Freeport law). The exemption is not lost if the property is assembled, manufactured, processed, divided or repacked in the warehouse. Raw materials and components held by a manufacturer for manufacture into products, and supplies consumed in the manufacturing process. Shares of stock, bonds, bank accounts or other securities. Livestock and colonies of bees. Boats (all) defined as any vessel or other watercraft, other than a seaplane, used or capable of being used as a means of transportation on the water. NOTE: Boats are subject to a registration fee. |