Form 425 - Report of Destroyed Real Property
Instructions All real property in Nebraska is subject to taxation and must be assessed for valuation as of January 1, 12:01 a.m., and such assessment is used as the basis of taxation until the next assessment year, unless the property is destroyed on or after January 1 and before July 1 of the current assessment year. If the property is destroyed between these dates, the assessed value may be adjusted in accordance with this Report of Destroyed Real Property.
Who May File. An owner of real property that became destroyed on or after January 1 and before July 1 of the current assessment year.
When and Where to File. On or before July 15 of the current assessment year, the Report of Destroyed Real Property must be filed with both the county assessor and county clerk in the county where the property is located. Complete a separate Form 425 for each parcel.
Dismissal. Failure to adequately identify the destroyed real property or not describing the damage may result in dismissal of the report.
Notice of Reassessment Value for Destroyed Property. The county board of equalization must act upon this report on or after June 1 and on or before July 25, or on or before August 10 if the board has adopted a resolution to extend the deadline to hear protests under Neb. Rev. Stat § 77-1502. A notice of the reassessment value for destroyed real property must be sent to the owner and, if different, the person filing this form.
Protest to the County Board of Equalization. If you disagree with the reassessment value for destroyed real property you must file a valuation protest with the county clerk within 30 days of the notice of the reassessment value for destroyed real property. The county board of equalization must act upon the valuation protest within 30 days after the filing of the protest. Within seven days after the final decision of the county board of equalizations, the county clerk must mail a written notice of the decision to the protester.
Appeal to the Tax Equalization and Review Commission. An appeal of the decision of the county board of equalization regarding the valuation protest of the reassessment value for destroyed real property may be appealed to the Tax Equalization and Review Commission within 30 days after the final decision of the county board of equalization.
Destroyed real property means real property that suffered significant property damage as a result of a calamity occurring on or after January 1 and before July 1 of the current assessment year.
Destroyed real property does not include property suffering significant property damage that is caused by the owner of the property or an occupant of leased property.
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 real property.
Significant property damage means –
1. Damage to an improvement exceeding 20% of the improvement’s assessed value in the current tax year as determined by the county assessor;
2. Damage to the land exceeding 20% of a parcel’s assessed land value in the current tax year as determined by the county assessor; or 3. Damage exceeding 20% of the property’s assessed value in the current tax year as determined by the county assessor if:
a. Such property is located in an area that has been declared a disaster area by the Governor and
b. A housing inspector or health inspector has determined the property is uninhabitable or unlivable.