An approach to compute the polarizability tensor of magnetic nanoparticles having general ellipsoidal shape is presented. We find a surprisingly excellent quantitative agreement between calculated and experimental magneto-optical spectra measured in the polar Kerr configuration from nickel nanodisks of large size (exceeding 100 nm) with circular and elliptical shape. In spite of its approximations and simplicity, the formalism presented here captures the essential physics of the interplay between magneto-optical activity and the plasmonic resonance of the individual particle. The results highlight the key role of the dynamic depolarization effects to account for the magneto-optical properties of plasmonic nanostructures. © 2013 Optical Society of America.