Nebraska Review Commission Finds Property Tax Valuation Lacks Uniformity, Reduces Valuation

The Nebraska Tax Equalization and Review Commission reduced the property tax valuation of three separate commercial office buildings, reversing the Douglas County Board of Equalization’s valuation. The County Assessor used two different income models to value the buildings based on their condition ratings. The Taxpayer stated that the buildings were constructed with similar quality and were in similar condition. The appraiser agreed based upon a recent inspection. The Commission found that one building’s condition rating was incorrectly assessed as “average” instead of “fair,” leading to a lack of uniformity in the valuation approach. It concluded that the County Board’s decision ...