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- Personal property is all property other than real property and franchises.
- Fixtures refer to personal property that is attached to land or a building and is regarded as an irremovable part of the real property. Examples of fixtures considered personal property in Nebraska are chairs, desks, and furniture.
- The recovery period is the federal Modified Accelerated Cost Recovery System (MACRS) recovery period over which the Nebraska adjusted basis of property will be depreciated for property tax purposes.
- Nebraska is not a 50/50 community property state. This means that a judge will determine the division of property during a divorce under equitable distribution policy and not automatically divide assets in half.
- Inheritance Tax in Nebraska is a tax imposed on the transfer of property from a deceased person to their heirs. It is separate from the federal estate tax and is based on the relationship between the deceased and the heir.
- In Nebraska, landlords have certain responsibilities when it comes to dealing with a tenant’s personal property left behind after the tenant has vacated the rental unit. If a tenant has vacated the property and left behind personal belongings, Nebraska law requires that the landlord must take reasonable steps to contact the tenant about their items.
