2006 Nebraska Revised Statutes - § 77-1233.04 — Tangible personal property tax returns; change in value; omitted property; procedure; penalty; county assessor; duties.

Section 77-1233.04
Tangible personal property tax returns; change in value; omitted property; procedure; penalty; county assessor; duties.

(1) The county assessor shall list and value at net book value any item of tangible personal property omitted from a personal property return of any taxpayer and change the reported valuation of any item of tangible personal property listed on the return to conform the valuation to net book value. If a taxpayer fails or refuses to file a personal property return, the assessor shall, on behalf of the taxpayer, file a personal property return which shall list and value all of the taxpayer's taxable personal property at net book value. The county assessor shall list or change the valuation of any item of tangible personal property for the current taxing period and the three previous taxing periods or any taxing period included therein.

(2) The tangible personal property so listed and valued shall be taxed at the same rate as would have been imposed upon the property in the tax district in which the property should have been returned for taxation.

(3) Any valuation added to a personal property return or added through the filing of a personal property return, after May 1 and on or before July 31 of the year the property is required to be reported, shall be subject to a penalty of ten percent of the tax due on the value added.

(4) Any valuation added to a personal property return or added through the filing of a personal property return, on or after August 1 of the year the property is required to be reported, shall be subject to a penalty of twenty-five percent of the tax due on the value added.

(5) Interest shall be assessed upon both the tax and the penalty at the rate specified in section 45-104.01, as such rate may from time to time be adjusted by the Legislature, from the date the tax would have been delinquent until paid.

(6) Whenever valuation changes are made to a personal property return or a personal property return is filed pursuant to this section, the county assessor shall correct the assessment roll and tax list, if necessary, to reflect such changes. Such corrections shall be made for the current taxing period and the three previous taxing periods or any taxing period included therein. If the change results in a decreased taxable valuation on the personal property return and the personal property tax has been paid prior to a correction pursuant to this section, the taxpayer may request a refund or credit of the tax in the same manner prescribed in section 77-1734.01, except that such request shall be made within three years after the date the tax was due.

Source:

Laws 1947, c. 250, § 42, p. 805

Laws 1965, c. 474, § 1, p. 1526

Laws 1965, c. 475, § 2, p. 1530

Laws 1967, c. 499, § 1, p. 1692

Laws 1980, LB 834, § 59

Laws 1981, LB 167, § 39

Laws 1984, LB 835, § 4

Laws 1987, LB 508, § 11

R.S.Supp.,1988, § 77-412

Laws 1990, LB 821, § 47

Laws 1992, LB 1063, § 102

Laws 1992, Second Spec. Sess., LB 1, § 75

Laws 1995, LB 490, § 93

Laws 1997, LB 270, § 53

Laws 1999, LB 194, § 12

Laws 2000, LB 968, § 44

Annotations:

To sustain an addition to a tax return as omitted property, it must appear that specific items were added, not just revalued. Sealtest Central Division-Omaha, Kraftco Corp. v. Douglas County Board of Equalization, 193 Neb. 809, 229 N.W.2d 545 (1975).

In order to perfect an appeal to the district court from a county board of equalization, all activities necessary, including the filing of notice of appeal, must be carried out within forty-five days of the adjournment of the board. Knoefler Honey Farms v. County of Sherman, 193 Neb. 95, 225 N.W.2d 855 (1975).

~Reissue Revised Statutes of Nebraska