Nebraska Tax Commission Reverses Morrill County’s Commercial Property Valuation Decision

The Nebraska Tax Equalization and Review Commission issued a decision reversing the Morrill County Board of Equalization’s decision regarding the taxable value of the taxpayer’s improved commercial parcel for the tax year 2023. The dispute involved the assessment of the taxpayer’s 16-unit senior citizen residence. The County Board had determined a higher taxable value for the property compared to the taxpayer’s appraised value. The Commission found that the County Board failed to act on sufficient competent evidence, making its determination arbitrary and unreasonable. Relying on the income approach analysis provided by a licensed appraiser, the Commission vacated the County Board’s ...