PROPERTY TAX VALUE FOR TORNADO DAMAGE
The Department of Revenue, Property Assessment Division, in Nebraska, reminds real property owners who have suffered significant damage to their property between January 1 and July 1, 2024, that they can file a Report of Destroyed Real Property (Form 425). This report allows the county board of equalization to adjust the assessed value based on the damage done to the property.
Key points:
- Filing Deadline: Property owners must submit the Report of Destroyed Real Property to the county assessor and county clerk by Monday, July 15th.
- Calamity Definition: A calamity refers to a disastrous event such as a fire, earthquake, flood, tornado, or other natural occurrence that significantly affects the assessed value of the property.
- Significant Property Damage Criteria:
- Damage to an improvement exceeding 20% of its 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.
- Damage exceeding 20% of the property’s assessed value in the current tax year if:
- The property is located in a declared disaster area by the Governor.
- A housing or health inspector has deemed the property uninhabitable or unlivable.
- Additional Information: Visit the Department of Revenue, Property Assessment Division website for more details.
The county board of equalization will review the report and make adjustments to the assessed value as necessary. They must act upon this report between June 1 and July 25.
If you have been affected and may qualify for this filing, we can assist and are available for any questions.