class="post-template-default single single-post postid-458287 single-format-standard custom-background group-blog header-image full-width singular wpb-js-composer js-comp-ver-6.2.0 vc_responsive"

(AUDIO) Personal Property Return Deadline still May 1st

(AUDIO) Personal Property Return Deadline still May 1st

The Personal Property Return filing deadline is still May 1st in every single county across the state despite the extension of the tax filing deadline to July 15th. Property Tax Administrator Ruth Sorensen says penalties are being waived for late filings though.

Cuming County Assessor Cherie Kreikemeier says the penalties that will be waived are the 10 and 25 percent penalties as an Executive Order waives both the 10% penalty on the tax due for personal property returns that are filed or amended after May 1st, but on or before June 30th, and the 25% penalty on the tax due for returns that are filed or amended after July 1st.

Sorensen says interest will be tagged starting next year to any payments not made.

Sorensen says the interest rate would be 14 percent.

And According to an update from the Property Assessment Division, For ALL filings received on or before July 15, the personal property filer will receive the $10,000 personal property exemption. Sorensen adds Depreciation Schedule filings are voluntary, but could still be requested.

Sorensen says for anyone that can file timely it would be very much appreciated and encouraged.

In summary, personal property returns are due May 1st, however, all penalties have been waived for tax year 2020, all personal property returns filed on or before July 15th are eligible for the personal property tax exemption, and interest will still be assessed to any amount of tax owed that has become delinquent in 2021.

Click here to listen to Interview with Sorensen

© 2020 Nebraska Rural Radio Association. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information