The 2011/2012 personal property declarations will be mailed in June. You can request an extension to return your declaration beyond the July 31, 2011 deadline. Requests must be submitted in writing or emailed to extensions@washoecounty.us after July 1, 2011.

TRAINING SESSIONS. The Assessor's Office has scheduled training sessions on how to correctly complete your personal property declaration. The training will be held in the Health Department Conference Room, building B at the Ninth & Wells St. County Complex (use North Wells parking lot entrance). The training dates are:

• Tuesday, July 12, 2-3pm
• Tuesday, July 26, 2-3pm

Personal Property tax is regulated by the Nevada Revised Statutes (NRS), chapter 361. These statutes require the county assessor to demand from every person, firm or business owning, leasing, renting, holding a business license or controlling personal property within the county a written statement, on forms furnished by the assessor, declaring that personal property each year. The report must include personal property used in the business on July 1st of the current fiscal year.

All property that is not defined or taxed as "real estate" or "real property" is considered to be "personal property". Taxable personal property includes manufactured homes, aircraft, and all property used in conjunction with a business. The taxation of business personal property has been in effect since Nevada became a state in 1864.

Chapter 360 and 361 of the Nevada Revised Statutes provide for the taxation of all property, unless specifically exempted by law.

The taxes are used to partially fund the expenditures of local governments, such as fire & police departments, parks & recreation, school districts and state bond reduction.

Tax exempt organizations need to apply for an additional exempt status with the County. For information on applying for exempt status please visit our FAQ page.

GLOSSARY

Personal Property - denotes type of property, not ownership.

Ad Valorem - "according to value"

Assessed Value - Thirty-five (35) percent of the total appraised (taxable) value of the property. This is the value on which taxes are calculated.

Depreciation - the estimate of the decrease in value of a wasting asset (not land) due to use, age or obsolescence. Personal property depreciation is calculated according to a schedule approved by the Nevada Tax Commission.

Fiscal Year - that period of time from July 1 of one year to June 30 of the following year.

Replacement Factor - A factor developed each year by the Department of Taxation to bring the original cost of the personal property to the "replacement cost new."

Taxable Value - (personal property) - Original cost x Cost Index Less Depreciation