NEBRASKA LEGISLATURE

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Sen. Tim Gragert

Sen. Tim Gragert

District 40

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Owners of properties destroyed or significantly damaged by flooding, a tornado, or other natural disasters can request a new property assessment — what could amount to a tax break if officials agree that a property’s value has dropped.

That applies to all types of properties — homes, businesses and agricultural land. The measure amends a previous state law that required a property’s assessed value to be set as of Jan. 1 — no exceptions, even if a house burned down on Jan. 2.

State Sen. Steve Erdman, the amendment’s sponsor, actually introduced the bill last year and again this year before the March floods. The proposal gained new urgency, and supporters, afterward.

“Hopefully the word will get out,” said Debbie Churchill, the Dodge County assessor. “People, take advantage of it. Don’t wait until the last minute.”

There are fairly strict parameters and a narrow window to apply:

  • The damage has to have occurred between Jan. 1 and July 1 of the current assessment year.
  • “Significant property damage” is generally defined as damage exceeding 20% of the assessed value of land, a structure or the property’s total assessed value, if it’s in an area with a disaster declaration or if the property has been declared unlivable.
  • Owners have until July 15 to fill out and send in a form — available at http://www.revenue.nebraska.gov/PAD/forms/f_425.pdf — to their county assessor and county clerk.
  • The damage cannot be man-made — you can’t apply for a reassessment if your house caught fire because of a lit cigarette, for example.
  • A county board of equalization has final say on any assessment adjustments, which must be approved before July 25 or, if an extension is requested, Aug. 10.

Read more at https://www.omaha.com/news/plus/people-take-advantage-of-it-nebraskans-can-ask-for-tax/article_1d0c5496-4738-50c9-a865-922faa7a1ebc.html

Read more about the bill at https://www.omaha.com/news/legislature/legislature-oks-amendment-that-would-give-tax-break-to-those/article_1a30fd62-c3a6-5ba9-a9f2-ec752056e861.html

Sen. Tim Gragert

District 40
Room #11th Floor
P.O. Box 94604
Lincoln, NE 68509
Phone: (402) 471-2801
Email: tgragert@leg.ne.gov
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