Bill > LB501

This bill modifies provisions related to property tax assessment for real estate that suffers significant damage, updating terminology and processes for how damaged property is evaluated and taxed. The bill redefines "damaged real property" as property that suffers significant damage between January and July 1 of the current assessment year, with significant damage defined as damage exceeding 20% of an improvement's or land's assessed value. Property owners must file a report with the county clerk by July 15 if their property has been significantly damaged, and the county assessor must inspect and review these properties and submit a comprehensive report to the county board of equalization by July 20. The county board of equalization can then adjust the property's assessed value to its value on the date of damage, with the assessment change applying only to the current assessment year. The bill also provides a process for property owners to protest the proposed adjusted value, including filing a protest within 30 days of receiving notice and the ability to appeal the board's decision to the Tax Equalization and Review Commission. The changes aim to provide tax relief and a clear procedure for property owners whose real estate has been substantially damaged by events such as fires, earthquakes, floods, tornadoes, or other significant damaging events.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59550