Personal Property on the Unsecered ROll - The notice of assessment is generally sent out by July 1 and should be returned to the Assessor by July 31. The taxpayer must pay within 30 days of the billing demand.

POSSESSORY INTEREST - Personal property which is for any reason exempt from taxation, but which is leased to or available for use by the taxpayer. Possessory interest situations typically will exist in property that is owned by a government agency or certain charitable organizations. The possessory interest is taxable in the same manner as other personal property.

PROPERTY - Consists of two categories, "real" and "personal".
Personal All property not permanently affixed to land, such as aircraft, business equipment, agricultural equipment, possessory interests, billboards, etc., and mobile homes not converted to real property.

Real. Land, buildings and improvements which are not normally removable and mobile/manufactured homes converted to real property.

TAX A compulsory charge levied by a governmental unit against the wealth of a person, natural or corporate.

TAX LEVY/RATE - The amount is expressed as 2.55 per $100.00 of assessed valuation. It is the rate necessary to support the budgets as determined by the locally elected governing boards.


TAXABLE VALUE - On tax notices this may appear as "Appraised Value". Thirty-five percent of taxable value is the assessed value upon which taxes will be paid.

THE BASIC PURPOSE OF PERSONAL PROPERTY TAX

In Nevada personal property tax is used to partially fund State and local governments.

WHAT IS PERSONAL PROPERTY?

All property not permanently affixed to land, such as aircraft, business equipment, agricultural equipment, possessory interests, billboards, etc. and mobile/manufactured homes not converted to real property.

WHO PAYS PERSONAL PROPERTY TAX?

All persons, firms or businesses located or doing business in Nevada, owning, renting, leasing or controlling business personal property.

The owners of mobile/manufactured homes not converted to real property are subject to the personal property tax.

The owners of aircraft and billboards.

THE PROVISIONS GOVERNING PERSONAL PROPERTY TAX

The State Constitution caps the property tax rate at 95.00 per 9100.00 of assessed value. It is further capped by statute at 93.64 per 9100 of assessed value. The tax applies to both real and personal property. In Nevada property is assessed at 35% of its taxable value.

The Assessor determines the taxable valuation based on Nevada Tax Commission regulations which set:

- Standards for determining the "cost of replacement" of personal property of various kinds. The standards must include a separate index of factors that apply to the acquisition cost of a billboard to determine its replacement cost.