The Washoe County Assessor's office currently has 455 aircraft on the Personal Property roll. These aircraft had a net assessed value of around $51 million for the 2016/2017 fiscal year. Aircraft are billed on the Personal Property roll annually. Nevada Revised Statues (N.R.S. 361.227) requires that the taxable value of an aircraft be determined by the cost of replacement less all applicable depreciation and obsolescence. The cost of replacement is calculated using the purchase price of the aircraft, the year acquired, and a cost index. The State of Nevada Department of Taxation supplies the cost index and depreciation schedule for personal property of various life expectancies. For property tax purposes, the 20 year life table is used to value aircraft and rotorcraft. Hot air balloons, gliders and experimental aircraft are assigned a life of 15 years.
Using the 2018/2019 schedules provided by the State of Nevada, Department of Taxation, the taxable value for an airplane purchased in 1999 for $50,000 is computed as follows:
|Airplane was purchased in 1999 for||$50,000|
|Cost of replacement today is $50,000 x 1.41||$70,500|
|Depreciation to date is $70,500 x 92%||$64,860|
|Taxable value equals $70,500 less $64,860||$5,640|
|Assessed value is $5,640 x .35||$1,974|
This results in a taxable value of $5,640 and an assessed value of $1,974 after applying the 35% assessment ratio.
For tax information please visit the website of The Washoe County Treasurer. For additional information on aircraft on the Personal Property roll, please contact the Washoe County Assessor`s office at 328-2213.