How does Nebraska set value, and how is actual value different from market value?
How does Nebraska set value, and how is actual value different from market value?
Nebraska assesses real property at its actual value as of January 1, which for residential property is its market value; if recent comparable sales show your home would sell for less than the assessed figure, that gap is the basis for a Form 422 protest.
Understanding the assessment standard is the starting point for any Nebraska protest.
The standard. Nebraska assesses real property at its actual value as of the January 1 valuation date (Neb. Rev. Stat. §77-1301). For residential property, actual value is its market value — what it would sell for in an arm's-length transaction.
Where protests come from. The county's mass-appraisal process values many properties at once, so individual homes can be assessed above what they would actually sell for. When recent comparable sales of similar nearby homes point to a lower value, that difference is the core of your protest.
Tax rate vs. assessed value. A protest only affects your assessed value — your tax rate is set by local taxing units, not by your protest. Lowering the value is what lowers the bill.
The check. A free over-assessment check compares your value against comparable properties so you can see the gap and decide whether to file — keeping in mind that Nebraska's CBoE can adjust in either direction.
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