Taxpayers in Antelope County, filing personal property returns before May 1, 2016, will receive a credit of $10,000 per district in which the property is located, at least 50 percent of the calendar year.Those having personal property in more than one tax district, must file a separate return for each district in which the property is located, in order to receive the credit for each district. Antelope County Assessor Kelly Mueller recently mailed informational letters to taxpayers, informing of recently passed legislation regarding the Personal Property Tax Relief Act.
The Act is effective Jan. 1, 2016 and provides an exemption for the first $10,000 of tangible personal property value for each tax district in which a personal property return is filed.
The Act also provides a reimbursement mechanism for any taxes lost by the county and political subdivisions as a result of the exemption.
Mueller said returns must be filed before May 1 or the exemption will be forfeited and penalties will be applied. A current depreciation schedule is required when filing.
The county assessor will apply an exemption of up to $10,000 to each return timely filed, per district.
Failure to report tangible personal property on the personal property return will result in a forfeiture of the exemption for any personal property not timely reported for that year.
Mueller stressed the importance of taxpayers filing only one tax return per tax district.
If multiple tax returns are filed in the same tax district by the same taxpayer, the filed personal property returns will be combined on the personal property tax rolls and the $10,000 exemption will only be granted once.
Some taxpayers may claim an exemption under the Beginning Farmer Tax Credit Act, Employment and Investment Growth Act or the Nebraska Advantage Act.
The $10,000 exemption will be applied prior to granting exemptions for beginning farmers or the incentives acts.
Taxpayers are asked to consult with Mueller regarding these types of special circumstances.
On or before July 20 of each year, Mueller will electronically file a personal property abstract with the property tax administrator.
All personal property submitted by Mueller to the state, must reflect the total value and the total exempt value of all timely filed personal property returns.
Any personal property value and personal property exemptions added after July 20 could result in recertifications of value and tax list corrections.
On or before November 30 of each year, Mueller and County Treasurer Deb Branstiter will certify to the tax commissioner the total tax revenue that will be lost to all taxing subdivisions within the county due to the exemptions provided by the Act.
Reimbursement of Locally Assessed Personal Property Tax Loss
On or before January 1 of each year, the Tax Commissioner will certify the tax loss claimed from the locally assessed personal property exemption in each county to the director of administrative services.
The director will issue warrants against the funds available for reimbursement for Antelope County in two approximately equal installments on the last business days of February and June.
From the amount received, Branstiter will deposit one percent into the county’s general fund, and will distribute to each of the taxing subdivisions in the county, the amount of tax lost by each subdivision, reduced by the one percent that was deposited into the county’s general fund.
Nonpayment of personal property taxes by a taxpayer does not affect the reimbursement claim or state monies paid for the tax loss reimbursement.