What Do I Report?The personal property declaration requires you to report information on any taxable personal property owned, claimed, possessed, controlled or managed by the person, firm, corporation, association or company on July 1st of the current fiscal year. This information includes the location, the cost and year of acquisition of each item of taxable personal property, including any applicable shipping and installation charges and the cost of any improvements of the personal property, such as additions to or renovations of the property other than routine maintenance or repairs.
Items that are exempt from taxation include business inventory held for resale, consumable supplies (to be used within one year), livestock, boats and personal household belongings. The exemption of household goods does not extend to personal property or furnishings rented or leased to another party or rented in conjunction with the rental of a dwelling unit. Motor vehicles required to be registered with the Nevada Department of Motor Vehicles and Public Safety are exempt from the property tax, though subject to a governmental service tax.