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This year the Nebraska State Legislature passed LB 512. I, Nebraska State Sen. Steve Erdman, was able to amend the bill with property tax relief for those with destroyed real property. Those with significant damage to their real property exceeding 20 percent of the property’s assessed value and caused by a calamity may have their property reassessed for property tax purposes. The reassessed value of the destroyed property will become the value of the property for the whole tax year.
Those with destroyed property must submit Form 425. The form may be accessed on the Department of Revenue’s website or by following this link to the form: Form 425. The deadline to file is July 15. After filing the form the county board of equalization will review the Report of Destroyed Real Property and make any adjustments to the assessed value of the property for the current tax year.
Calamity means a disastrous event, including but not limited to, a fire, an earthquake, a flood, a tornado, or other natural event which significantly affects the assessed value of the property. If you have any questions, please contact your county assessor’s office or your county clerk’s office.