Local Legal News 

Flood, Disaster Victims Can Request a New Property Assessment Under LB 512

 Lincoln – The Nebraska Department of Revenue, Property Assessment Division released a new form Wednesday to request an adjustment to an assessed valuation as a result of significant property damage from a disastrous event like a flood.

Form 425, Report of Destroyed Real Property, was created pursuant to Legislative Bill 512, the department said in a news release. The form is to be used by owners of real property whose property has suffered significant property damage as a result of a calamity occurring on or after Jan. 1 and before July 1 of the current assessment year. Property owners may file the form with the county assessor and the county clerk on or before July 15.

A calamity is defined as a disastrous event including, but not limited to, a fire, an earthquake, a flood, a tornado or other natural event that significantly affects the assessed value of the property. Destroyed real property does not include property suffering significant property damage caused by the owner of the property. 

   To qualify as significant property damage, it must be:

• Damage to an improvement exceeding 20% of the improvement’s assessed value in the current tax year as determined by the county assessor;

• Damage to the land exceeding 20% of a parcel’s assessed land value in the current tax year as determined by the county assessor; or

• Damage exceeding 20% of the property’s assessed value in the current tax year as determined by the county assessor, if the property is located in an area that has been declared a disaster area by the governor and a housing inspector or health inspector has determined the property is uninhabitable or unlivable.

– Neb. Department of Revenue

 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN