{{featured_button_text}}

This past session, the Legislature passed an important bill for those that are affected by this year’s disastrous events. LB512 allows for the reassessment of destroyed property due to a calamity. This provision is now available to owners of property that sustained significant damages between Jan. 1 and July 1, 2019. Although this bill was recently signed into law, those who were affected by the recent floods are eligible to apply, but need to do so by July 15.

In order to qualify, your property must have sustained significant property damage which is defined as damage to real property exceeding 20% of its current assessed value or damage to the land exceeding 20% of a parcel’s assessed land value. Also eligible, are those whose property has sustained damage exceeding 20% of the property’s assessed value and whose property is either located in a declared disaster area by the Governor or if a housing official or health inspector has declared the property uninhabitable.

In order to report these damages, the Nebraska Department of Revenue has created and made available a new Form 425 which is available by going to http://www.revenue.nebraska.gov/PAD/forms/f_425.pdf. When reporting, a separate Form 425 must be used for each parcel of destroyed property. These forms must then be submitted to both the county assessor and county clerk in the county the property is located by July 15.

How do I receive notification of a valuation adjustment? Should you be approved for a reassessment, the County Board of Equalization will send a notice informing the approval of the request before July 25 (or Aug. 10 extended by a resolution), the board must hear protests and send notices of reassessed values for destroyed real property.

Real property is assessed before January 1st of each year and this assessment becomes the basis for taxation until the following year. Therefore, should you have property destroyed due to a calamity between the dates of Jan. 1 and July 1 you may be eligible to report the damages for a reassessment of property value so you are not paying taxes on damaged or destroyed property.

Full instructions are available on the Form 425 at the listed website. Any questions can be directed to the Nebraska Department of Revenue Property Assessment Division at (402)741-5962.

Beginning the first of June, Highway 15 reopened to one lane controlled traffic south of Schuyler. This has been a major effort to restore this critical highway access. The construction crew members are working hard to complete the full rebuild of the highway, thank you. Work remains in many areas of the District, we will continue to address the many needs and I want to thank the countless efforts of our local, county and state personnel as we work together in the recovery process. You are all making a difference.

I appreciate hearing from constituents on issues affecting District 23 and encourage you to contact my office on legislation at 402-471-2719 or bbostelman@leg.ne.gov.I

Subscribe to Breaking News

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.
0
0
0
0
0