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NTF
Issue Paper: Taxplan22. 4-04. DEFINITIONS.
Real property in Nebraska includes lands, structures,
fixtures, and improvements. It also
includes mines, minerals, quarries, and wells. PROPERTY
VALUATION. The
county assessor values at actual value all real property in a county, except
that the state property tax administrator values railroads and public service
entities. Actual valuation for tax
purposes means the market value of property.
Actual value and market value are like terms.
The actual value of a parcel of real estate is the most likely price paid
for it as agreed to by buyer and seller. County
assessors use professionally-accepted appraisal techniques, such as comparison
with sales of property, income production, and cost approach.
State law requires real property assessed at between 92-100% of actual
value and agricultural and horticultural land assessed at 74%-80% of actual
value (see NTF Issue Paper: Property Valuation Relief Bill). ASSESSMENT
PROCESS. Between Jan.-March of every year, the county assessor updates
and revises the real property assessment roll.
He examines how recent home sales impact residential values in
neighborhoods and commercial sales influence commercial property types.
Between March 20 and June 1, each assessor adjusts real property values
for actions by the agricultural and horticultural land valuation board and the
Tax Equalization & Review Commission (TERC).
By June 1, each assessor must notify the owner of each parcel of real
property assessed at a value different from the previous year.
The assessment roll complete, the county assessor publishes a
certification of such and that he has mailed notices of valuation changes.
He announces the final date for filing protests with the county board of
equalization. EQUALIZING
PROPERTY. The
TERC is responsible for yearly equalizing the value of all real property. The commission can raise or lower by a percentage the
valuation of a class or subclass of property in a county or tax district in
order to achieve intercounty equalization.
This equalization action must end by August 10.
The county board of equalization is supposed to equalize the valuation of
individual parcels of real property in a county. The county board may petition the TERC to consider an
adjustment to a class or subclass of real property within its county.
CHALLENGING
YOUR ASSESSMENT. Anyone
may protest the assessment of real property. One must file a protest with a
county board of equalization on or before June 30.
File a protest in triplicate and include a written statement of the
reason(s) why the board should change the assessment. If one requests a reduction in valuation, an owner waives
notice of an increase in the valuation should the board find the property
undervalued. Between June 1 and
July 25, the board reviews protests. It
has the authority to appoint referees to hear protests, but the board makes the
final decision. SPECIFICS.
Valuations of property have skyrocketed for homes and
businesses all over Nebraska. If
you think that your assessment is over 100% of market value or unfair compared
to other parcels, contact the county assessor office and meet with an appraiser.
If the inside of your house is in poor condition or outdated, the
assessor can schedule an interior inspection with you.
If you believe that your higher valuation is unfair, contact the office
of your county assessor or county clerk before June 30.
In Douglas County, file a protest by calling 444-6510 for an appointment
with the County Board of Equalization. Or,
file a protest by mail to: Douglas County Board of Equalization, % County Clerk,
1819 Farnam Street, Room H08, Omaha, NE. 68183-0008.
At your meeting, bring documentation supporting your request for a lower
valuation, e.g., appraisals, photos of your home inside and outside, valuation
comparisons with neighboring homes of the same layout (check web site www.dcassessor.org
for adjacent addresses), or sale prices of comparable houses. If your
property produces income, bring income and expense statements and rent rolls to
document the income stream. Unless
you produce evidence to the contrary, the law requires an assumption that an
assessment is correct. In Sarpy
County, to request a protest form, call 595-4486, go online at www.sarpy.com,
or visit the county clerk office at 1210 Golden Gate Drive in Papillion.
Within 7 days after a final determination by the county board, the county
clerk notifies a protestor of action taken. If dissatisfied with action taken by your county board of
equalization, you may appeal its decision to the TERC on or before August 24 for
a $25 fee. Appeal forms are
available from the county board of equalization and county clerk offices in
July. Those dissatisfied with TERC
decisions may appeal directly to the NE State Court of Appeals in Lincoln. Research
and documentation for this issue paper done by Doug Kagan and Steve
Sfiers, with express prior permission granted for its use by Taxwatchers
Inc., Citizens for Local Control, Cherry Taxpayers, Dawes County Taxpayers, and
other groups in the Tax Freedom Network. 4-04. C |