08/28/2020
The 2020 Legislative session has ended. It has been brought to the attention of the Assessors’ Offices across the State that the passing of LB 1107 has eliminated the Personal Property Relief Act permanently, effective immediately, starting for tax year 2020. Per a letter sent out by the Nebraska Department of Revenue Property Assessment Division, “…this means that the exemption from taxation for the first $10,000 of valuation of a taxpayer’s tangible personal property in each tax district is no longer valid and taxes will apply to the full value of tangible personal property reported for the current tax year.” This means you may get a tax statement for 2020 in December with a tax amount due, whereas, if the exemption had remained in place, you would have had NO tax amount to pay for 2020. Please be sure to look at your tax statements carefully to see if you have a personal property tax amount due for 2020! Also, refer to your 2020 Personal Property Return you would have filed earlier this year. It will show the taxable value amount that should correspond with the tax statement. Please feel free to contact the County Assessor’s Office with questions or concerns.
If you would like more information on LB 1107, please go here: https://www.nebraskalegislature.gov then you can search for the bill under Search Current Bills in the upper right corner.
Nebraska Legislature