Nebraska Tax Commission Approves Stipulated Reduction of Commercial Property Valuation

The Nebraska Tax Equalization and Review Commission reversed the Douglas County Board of Equalization’s valuation of a commercial property owned by the taxpayer and approved stipulated reduced values for the relevant tax years. The Douglas County Assessor originally valued the property at $41,688,400 for 2023 and $36,320,000 for 2024 and 2025. Following protest, the County Board reduced the 2023 value to $36,320,000 but maintained that figure for all three years. At the commencement of the Commission hearing, the parties stipulated that the property’s actual value was $30,000,000 for each of the three tax years at issue. The stipulated allocation included ...