For purposes of Chapter 77 and any statutes dealing with taxation, unless the context otherwise requires, the definitions found in sections 77-102 to 77-133 shall be used.

Annotations

This section did not require the definition of "[d]epreciable tangible personal property" in section 77-119 to be used to define "depreciable repairs or parts" in section 77-2708.01, because the term "repairs" in section 77-2708.01 made the phrases contextually different. Farmers Co-op v. State, 296 Neb. 347, 893 N.W.2d 728 (2017).

The word property includes every kind of property, tangible or intangible, subject to ownership.

Annotations

Leasehold interest in buildings on federal air force base was property subject to taxation. Offutt Housing Co. v. County of Sarpy, 160 Neb. 320, 70 N.W.2d 382 (1955).
Term property includes intangible property. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).
Lease for years is property, the subject of an independent assessment as the property of the lessee. North Platte Lodge 985, B.P.O.E. v. Board of Equalization of Lincoln County, 125 Neb. 841, 252 N.W. 313 (1934).
A cause of action sounding in tort is not property as that term is understood in the revenue law of the state. Seward County v. Jones, 105 Neb. 705, 181 N.W. 652 (1921).
Each station is assessed as independent business, and it may deduct from credits due all debts owing at time of return as regards that particular station, which net amount, if any, is taxed. Nye-Schneider-Fowler Co. v. Boone County, 102 Neb. 742, 169 N.W. 436 (1918).

(3) All electric generation, transmission, distribution, and street lighting structures or facilities owned by a political subdivision of the state;

(4) Mobile homes, cabin trailers, and similar property, not registered for highway use, which are used, or designed to be used, for residential, office, commercial, agricultural, or other similar purposes, but not including mobile homes, cabin trailers, and similar property when unoccupied and held for sale by persons engaged in the business of selling such property when such property is at the location of the business;

(5) Mines, minerals, quarries, mineral springs and wells, oil and gas wells, overriding royalty interests, and production payments with respect to oil or gas leases; and

(6) All privileges pertaining to real property described in subdivisions (1) through (5) of this section.

Annotations

1. Constitutionality

2. Mineral interests

3. Fixtures

4. Miscellaneous

1. Constitutionality

This section as amended by L.B. 1, passed November 17, 1989, violates Neb. Const. Art. VIII, sections 1 and 2, and Neb. Const. Art. III, section 18. MAPCO Ammonia Pipeline v. State Bd. of Equal., 238 Neb. 565, 471 N.W.2d 734 (1991).

2. Mineral interests

A mineral interest severed from the surface ownership remains real estate but may be listed on the tax roles separate from the surface rights. If the owner of the surface rights so requests, severed mineral interests must be separately listed on the tax roles. State ex rel. Svoboda v. Weiler, 205 Neb. 799, 290 N.W.2d 456 (1980).
The removal of minerals whether held in solution upon the land or resting in the soil or subsurface, is the removal of a component part of the real estate itself. The severance changes the character of the property, but it remains real estate until detached. Wheelock & Manning OO Ranches, Inc. v. Heath, 201 Neb. 835, 272 N.W.2d 768 (1978).
When a mineral interest is conveyed, unless the instrument provides otherwise, an estate in fee simple or a corporeal hereditament separate from the estate in the overlying land is created. Wheelock & Manning OO Ranches, Inc. v. Heath, 201 Neb. 835, 272 N.W.2d 768 (1978).
Before severance, interest in oil and gas well is taxable as real property. Conway v. County of Adams, 172 Neb. 94, 108 N.W.2d 637 (1961).
Interest in mineral lease is real estate. Fawn Lake Ranch Co. v. Cumbow, 102 Neb. 288, 167 N.W. 75 (1918).

3. Fixtures

Common law rules relating to fixtures are largely codified herein and the term household goods would not normally encompass fixtures. State ex rel. Meyer v. Peters, 191 Neb. 330, 215 N.W.2d 520 (1974).
Grain elevator erected on leasehold with privilege of removal is real estate as regards insurance on same. Calnon v. Fidelity-Phenix Fire Ins. Co., 114 Neb. 194, 206 N.W. 765 (1925).
Tax on land and a building or other improvement is a single and indivisible tax, even if the building or other improvement is assessed separately from the land. Phelps County v. Anderson, 2 Neb. App. 236, 508 N.W.2d 314 (1993).

4. Miscellaneous

Cited in discussion of taxability of intangible property of foreign corporation. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).
Existence of lease for years may constitute ownership of interest in land. North Platte Lodge 985, B.P.O.E. v. Board of Equalization of Lincoln County, 125 Neb. 841, 252 N.W. 313 (1934).

Class or subclass of real property means a group of properties that share one or more characteristics typically common to all the properties in the class or subclass, but are not typically found in the properties outside the class or subclass. Class or subclass includes, but is not limited to, the classifications of agricultural land or horticultural land listed in section 77-1363, parcel use, parcel type, location, geographic characteristics, zoning, city size, parcel size, and market characteristics appropriate for the valuation of such land. A class or subclass based on market characteristics shall be based on characteristics that affect the actual value in a different manner than it affects the actual value of properties not within the market characteristic class or subclass.

Annotations

The Tax Equalization and Review Commission did not err in finding that the market areas as drawn by the county assessor complied with professionally accepted methodology. Vanderheiden v. Cedar Cty. Bd. of Equal., 16 Neb. App. 578, 746 N.W.2d 717 (2008).

The term personal property includes all property other than real property and franchises.

Annotations

Right to participate in proceeds of sale of oil and gas severed from real estate is taxable as personal property. Conway v. County of Adams, 172 Neb. 94, 108 N.W.2d 637 (1961).
Chattel real was personal property. Offutt Housing Co. v. County of Sarpy, 160 Neb. 320, 70 N.W.2d 382 (1955).
Cited in discussion of taxability of intangible property of foreign corporation. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).
Warrants of city are exempt from taxation. Droll v. Furnas County, 108 Neb. 85, 187 N.W. 876 (1922).
Net credits of corporation are taxable as personal property in counties where it operates. Nye-Schneider-Fowler Co. v. Boone County, 99 Neb. 383, 156 N.W. 773 (1916), affirmed by 102 Neb. 742, 169 N.W. 436 (1918).

The term tangible personal property includes all personal property possessing a physical existence, excluding money. The term tangible personal property also includes trade fixtures, which means machinery and equipment, regardless of the degree of attachment to real property, used directly in commercial, manufacturing, or processing activities conducted on real property, regardless of whether the real property is owned or leased, and all depreciable tangible personal property described in subsection (9) of section 77-202 used in the generation of electricity using wind, solar, biomass, or landfill gas as the fuel source. The term intangible personal property includes all other personal property, including money.

Annotations

In determining whether an item is a fixture or a trade fixture under a contract for the sale and purchase of real estate, the description of trade fixtures contained within Nebraska's revenue and taxation statutes may have some utility as persuasive authority, but the more sound approach is to look to the common law and the test developed thereunder. Griffith v. Drew's LLC, 290 Neb. 508, 860 N.W.2d 749 (2015).
In classifying whether a trade fixture should be taxed as personal property, rather than a fixture that should be taxed as real property, where the parcel of land on which the fixture is located is used directly in commercial activities, it is irrelevant whether a taxpayer personally engages in the commercial activities on the land. Vandenberg v. Butler County Bd. of Equal., 281 Neb. 437, 796 N.W.2d 580 (2011).
The three-part test for determining whether an item constitutes a fixture, requiring the court to look at (1) actual annexation to the realty, or something appurtenant thereto, (2) appropriation to use or purpose of that part of the realty with which it is connected, and (3) the intention of the party making the annexation to make the article a permanent accession to the freehold, does not apply to the determination of whether a trade fixture should be classified as a fixture and taxed as real property or a trade fixture and taxed as personal property. Vandenberg v. Butler County Bd. of Equal., 281 Neb. 437, 796 N.W.2d 580 (2011).
Electricity is not tangible personal property for tax purposes. Omaha Pub. Power Dist. v. Nebraska Dept. of Revenue, 248 Neb. 518, 537 N.W.2d 312 (1995).
Cited in discussion of taxability of intangible property of foreign corporation. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).
In view of change in legislative definition of intangible property, corporation is taxable where it has its principal office or place of business. Joyce Lumber Co. v. Anderson, 125 Neb. 886, 252 N.W. 394 (1934).

The term money includes all kinds of coin and all kinds of paper, issued by or under authority of the United States, circulating as money. Money does not include central bank digital currency.

The word credits includes corporation shares of stock, accounts, contracts for cash or labor, bills of exchange, judgments, choses in action, liens of any kind, other than real estate mortgages, securities, debentures, bonds, other than those of the United States, annuities, and all other demands for labor or other valuable thing, whether due or to become due.

Annotations

Credits include open accounts owing by school district. Stephenson School Supply Co. v. County of Lancaster, 172 Neb. 453, 110 N.W.2d 41 (1961).
Debts due are credits and are taxable. International Harvester Co. v. County of Douglas, 146 Neb. 555, 20 N.W.2d 620 (1945).
Warrants of city are exempt from taxation. Droll v. Furnas County, 108 Neb. 85, 187 N.W. 876 (1922).
Cause of action in tort is not a right in property within meaning of revenue laws. Seward County v. Jones, 105 Neb. 705, 181 N.W. 652 (1921).
Credits were construed to mean net credits. Nye-Schneider-Fowler Co. v. Boone County, 102 Neb. 742, 169 N.W. 436 (1918).

The term county board includes both county commissioners and supervisors, as the case may be.

The term county tax includes all taxes due to the county, school districts and other subdivisions of the county, which are levied and collected by the county.

Annotations

County tax includes taxes levied for school districts. C. R. T. Corp. v. Board of Equalization, 172 Neb. 540, 110 N.W.2d 194 (1961).

The words township and precinct shall each include the other, and shall also include towns in counties under township organization.

Actual value of real property for purposes of taxation means the market value of real property in the ordinary course of trade. Actual value may be determined using professionally accepted mass appraisal methods, including, but not limited to, the (1) sales comparison approach using the guidelines in section 77-1371, (2) income approach, and (3) cost approach. Actual value is the most probable price expressed in terms of money that a property will bring if exposed for sale in the open market, or in an arm's length transaction, between a willing buyer and willing seller, both of whom are knowledgeable concerning all the uses to which the real property is adapted and for which the real property is capable of being used. In analyzing the uses and restrictions applicable to real property, the analysis shall include a consideration of the full description of the physical characteristics of the real property and an identification of the property rights being valued.

Annotations

1. Actual value

2. Miscellaneous

1. Actual value

Real property sold at auction is sold in the ordinary course of trade within the meaning of this section. In re Estate of Craven, 281 Neb. 122, 794 N.W.2d 406 (2011).
Under this section, actual value of real property for purposes of taxation shall mean the market value of real property in the ordinary course of trade. Firethorn Invest. v. Lancaster Cty. Bd. of Equal., 261 Neb. 231, 622 N.W.2d 605 (2001).
The statutory measure of actual value is not what an individual buyer may be willing to pay for property, but, rather, its market value in the ordinary course of trade. US Ecology, Inc. v. Boyd Cty. Bd. of Equal., 256 Neb. 7, 588 N.W.2d 575 (1999).
Pursuant to subsection (1) of this section, although differing factors may cause the appraised value of property to be less than its actual value, some relationship exists between appraised and actual value such that the appraised value is relevant evidence of at least the minimum value of the land. First Nat. Bank of York v. Critel, 251 Neb. 128, 555 N.W.2d 773 (1996).
This section, which specifies factors for determining actual value of real estate for tax purposes, does not require use of all the specified factors, but requires use of applicable statutory factors, individually or in combination, to determine the actual value of real estate for tax purposes; actual value is largely a matter of opinion and without a precise yardstick for determination with complete accuracy. First Nat. Bank & Trust of Syracuse v. Otoe Cty., 233 Neb. 412, 445 N.W.2d 880 (1989).
Nothing in the statute requires the county assessor or county board of equalization to use all of the factors set forth therein. Instead, those officials may use such factors or combination thereof which they determine to be applicable in determining actual value under the state constitution. Affiliated Foods Co-op v. County of Madison, 229 Neb. 605, 428 N.W.2d 201 (1988).
Actual value, market value, and fair market value mean exactly the same thing. Xerox Corp. v. Karnes, 217 Neb. 728, 350 N.W.2d 566 (1984); Chudomelka v. Board of Equalization, 187 Neb. 542, 192 N.W.2d 403 (1971).
Nothing in this section requires the county assessor or county board of equalization to take into account all of the elements of the formula contained therein, but only those determined to be applicable. Airport Inn v. County Bd. of Equalization, 215 Neb. 659, 340 N.W.2d 378 (1983).
Board found the actual market value of the property in question to be the same as the purchase price. Potts v. Board of Equalization, 213 Neb. 37, 328 N.W.2d 175 (1982); LaGord Assoc. v. County of Cass, 209 Neb. 99, 306 N.W.2d 578 (1981).
"Actual value" of a development's common areas is not reflected in the increased value of the adjacent lots where the grant of use privileges to lot owners in the common areas lacks sufficient formality, definition, and duration of creation to constitute valid restrictions on the use of the common areas. For the purposes of taxation, the terms actual value, market value, and fair market value mean exactly the same thing. Beaver Lake Assn. v. County Board of Equalization, 210 Neb. 247, 313 N.W.2d 673 (1981).
Items set out by statute as examples to be used in determining value of property subject to taxation are not the only factors which enter into the valuation of property for taxation. Gradoville v. Board of Equalization, 207 Neb. 615, 301 N.W.2d 62 (1981); Nash Finch Co. v. County Board of Equalization, 191 Neb. 645, 217 N.W.2d 170 (1974); Hastings Building Co. v. Board of Equalization, 190 Neb. 63, 206 N.W.2d 338 (1973); County of Gage v. State Board of Equalization & Assessment, 185 Neb. 749, 178 N.W.2d 759 (1970).
Sales-assessment ratios were given consideration in determining actual value of land for taxation. County of Loup v. State Board of Equalization & Assessment, 180 Neb. 478, 143 N.W.2d 890 (1966).
Assessor properly considered all elements of value. Josten-Wilbert Vault Co. v. Board of Equalization, 179 Neb. 415, 138 N.W.2d 641 (1965).
Actual value is to be determined by using the applicable elements set forth in this section. Richards v. Board of Equalization, 178 Neb. 537, 134 N.W.2d 56 (1965); Leech, Inc. v. Board of Equalization of Chase County, 176 Neb. 841, 127 N.W.2d 917 (1964); H/K Company v. Board of Equalization of Lancaster County, 175 Neb. 268, 121 N.W.2d 382 (1963).
Actual value is defined by law. Union P. R.R. Co. v. State Bd. of Equalization & Assessment, 170 Neb. 139, 101 N.W.2d 892 (1960); Chicago & N.W. Ry. Co. v. State Bd. of Equalization & Assessment, 170 Neb. 106, 101 N.W.2d 873 (1960); Chicago, B. & Q. R.R. Co. v. State Bd. of Equalization & Assessment, 170 Neb. 77, 101 N.W.2d 856 (1960).
There are no yardsticks by which actual value can be determined with complete accuracy. S. S. Kresge Co. v. Jensen, 164 Neb. 833, 83 N.W.2d 569 (1957).
Actual value means value in the market in the ordinary course of trade. LeDioyt v. County of Keith, 161 Neb. 615, 74 N.W.2d 455 (1956); County of Howard v. State Board of Equalization and Assessment, 158 Neb. 339, 63 N.W.2d 441 (1954); County of Douglas v. State Board of Equalization and Assessment, 158 Neb. 325, 63 N.W.2d 449 (1954); County of Grant v. State Board of Equalization and Assessment, 158 Neb. 310, 63 N.W.2d 459 (1954); Novak v. Board of Equalization of Douglas County, 145 Neb. 664, 17 N.W.2d 882 (1945).
In tax valuation cases, actual value is largely a matter of opinion and without a precise yardstick for determination with complete accuracy. Reynolds v. Keith Cty. Bd. of Equal., 18 Neb. App. 616, 790 N.W.2d 455 (2010).
The purchase price of property, standing alone, is not conclusive of the actual value of the property for assessment purposes; it is only one factor to be considered in determining actual value. Reynolds v. Keith Cty. Bd. of Equal., 18 Neb. App. 616, 790 N.W.2d 455 (2010).
This section requires the use of applicable statutory factors, individually or in combination, to determine the actual value of real estate for tax purposes. Cabela's, Inc. v. Cheyenne Cty. Bd. of Equal., 8 Neb. App. 582, 597 N.W.2d 623 (1999).
The actual value of real property for purposes of taxation may be determined by using professionally accepted mass appraisal techniques, including, but not limited to (1) comparison with sales of real property of known or recognized value, taking into account location, zoning, and current functional use (comparable sales approach), (2) earning capacity of the real property (income approach), and (3) reproduction cost less depreciation (replacement cost approach). Forney v. Box Butte Cty. Bd. of Equal., 7 Neb. App. 417, 582 N.W.2d 631 (1998).

2. Miscellaneous

A taxpayer's claim that a mass appraisal failed to take into account the unique nature of his property failed where the taxpayer pointed to no evidence that the valuation of other properties increased at a lower rate and no physical characteristics of the property that the assessor failed to consider. Cain v. Custer Cty. Bd. of Equal., 315 Neb. 809, 1 N.W.3d 512 (2024).
Evidence of sale price alone may not be sufficient to overcome the presumption that the board of equalization has valued the property correctly. But where the evidence discloses the circumstances surrounding the sale and shows that it was an arm's length transaction between a seller who was not under the compulsion to sell and a buyer who was not compelled to buy, it should receive strong consideration. Dowd v. Board of Equalization, 240 Neb. 437, 482 N.W.2d 583 (1992).
Where the evidence shows the assessed value of property has been determined by a formula in substantial compliance with this section, which has been uniformly and impartially applied, such assessed value will not ordinarily be disturbed on appeal on evidence indicating a mere difference of opinion as to the valuation. Greenwood Ranch v. Morrill Cty. Bd. of Equal., 232 Neb. 114, 439 N.W.2d 760 (1989); Lexington Building Co., Inc. v. Board of Equalization, 186 Neb. 821, 187 N.W.2d 94 (1971).
Act held unconstitutional which would establish a method of valuing tangible personal property different from this section. State ex rel. Meyer v. McNeill, 185 Neb. 586, 177 N.W.2d 596 (1970).
Formula prescribed by this section states it should be used where applicable. Rodeo Tel. Membership Corp. v. County of Greeley, 181 Neb. 492, 149 N.W.2d 357 (1967).
State Board of Equalization and Assessment took into consideration the requirements of this section. Carpenter v. State Board of Equalization and Assessment, 178 Neb. 611, 134 N.W.2d 272 (1965).
Formula furnished is applicable to personal property as well as real estate. L. J. Messer Co. v. Board of Equalization, 171 Neb. 393, 106 N.W.2d 478 (1960).
Where statutory formula was applied fairly and impartially to all similar properties, assessment should be sustained. Newman v. County of Dawson, 167 Neb. 666, 94 N.W.2d 47 (1959).
Section applied to stock of foreign corporation. Omaha Nat. Bank v. Jensen, 157 Neb. 22, 58 N.W.2d 582 (1953).

The word person includes any number of persons and any partnership, limited liability company, association, joint-stock company, corporation, or other entity that may be the owner of property.

Annotations

For taxation purposes, a partnership is considered as an entity apart from the individual partners. Svoboda & Hannah v. Board of Equalization, 180 Neb. 215, 142 N.W.2d 328 (1966).
State is an entity that may be adversely affected by action of county boards of equalization, and a person within meaning of revenue act. State v. Odd Fellows Hall Assn., 123 Neb. 440, 243 N.W. 616 (1932).

The words used in the singular shall include the plural; and in the masculine gender shall include the feminine and neuter genders, and vice versa, as the case may require.

Cross References

For statute construction, see section 49-802.

Annotations

Singular number often includes the plural in construction of statutes, generally when manifest intention of Legislature requires it. Follmer v. State, 94 Neb. 217, 142 N.W. 908 (1913).

County assessor includes an elected or appointed county assessor or a county clerk who is an ex officio county assessor.

Cross References

County clerk acting as ex officio county assessor, see section 23-3203.

The term county official shall include any county officer or employee of a county officer who is charged with the duty of valuing, assessing, or equalizing property for property tax purposes.

Improvements on leased land shall mean any item of real property defined in subdivisions (2) through (5) of section 77-103 which is located on land owned by a person other than the owner of the item.

(1) Nebraska adjusted basis shall mean the adjusted basis of property as determined under the Internal Revenue Code increased by the total amount allowed under the code for depreciation or amortization or pursuant to an election to expense depreciable property under section 179 of the code.

(2) For purchases of depreciable personal property occurring on or after January 1, 2018, if similar personal property is traded in as part of the payment for the newly acquired property, the Nebraska adjusted basis shall be the remaining federal tax basis of the property traded in, plus the additional amount that was paid by the taxpayer for the newly acquired property.

Annotations

The basis as defined by section 1012 of the Internal Revenue Code in turn composes the Nebraska adjusted basis under this section, which then composes the net book value under subsection (1) of section 77-120. Mid City Bank, Inc. v. Douglas Cty. Bd. of Equal., 260 Neb. 282, 616 N.W.2d 341 (2000).
Under section 1012 of the Internal Revenue Code, the basis of property is its cost to the taxpayer. Pfizer Inc. v. Lancaster Cty. Bd. of Equal., 260 Neb. 265, 616 N.W.2d 326 (2000).

Depreciable tangible personal property shall mean tangible personal property which is used in a trade or business or used for the production of income and which has a determinable life of longer than one year.

Annotations

Section 77-101 did not require the definition of "[d]epreciable tangible personal property" in this section to be used to define "depreciable repairs or parts" in section 77-2708.01, because the term "repairs" in section 77-2708.01 made the phrases contextually different. Farmers Co-op v. State, 296 Neb. 347, 893 N.W.2d 728 (2017).

(1) Net book value of property for taxation shall mean that portion of the Nebraska adjusted basis of the property as of the assessment date for the applicable recovery period in the table set forth in this subsection.

NET BOOK VALUE AS A PERCENT
OF NEBRASKA ADJUSTED BASIS
Year	Recovery Period (in years)
	3	5	7	10	15	20
1	75.00	85.00	89.29	92.50	95.00	96.25
2	37.50	59.50	70.16	78.62	85.50	89.03
3	12.50	41.65	55.13	66.83	76.95	82.35
4	0.00	24.99	42.88	56.81	69.25	76.18
5		8.33	30.63	48.07	62.32	70.46
6		0.00	18.38	39.33	56.09	65.18
7			6.13	30.59	50.19	60.29
8			0.00	21.85	44.29	55.77
9				13.11	38.38	51.31
10				4.37	32.48	46.85
11				0.00	26.57	42.38
12					20.67	37.92
13					14.76	33.46
14					8.86	29.00
15					2.95	24.54
16					0.00	20.08
17						15.62
18						11.15
19						6.69
20						2.23
21						0.00

Net book value as a percent of Nebraska adjusted basis shall be calculated using the one-hundred-fifty-percent declining balance method, switching to straight line, with a one-half-year convention.

(2) The applicable recovery period for any item of property shall be determined as follows:

(a) Three-year property shall include property with a class life of four years or less;

(b) Five-year property shall include property with a class life of more than four years and less than ten years;

(d) Ten-year property shall include property with a class life of sixteen years or more but less than twenty years;

(e) Fifteen-year property shall include property with a class life of twenty years or more but less than twenty-five years; and

(f) Twenty-year property shall include property with a class life of twenty-five years or more.

(3) Class life shall be based upon the anticipated useful life of a class of property and shall be determined by the Property Tax Administrator under the Internal Revenue Code.

(4) One-half-year convention shall be a convention which treats all property placed in service during any tax year as placed in service on the midpoint of such tax year.

(5) The percent shown for year one shall be the percent used for January 1 of the year following the year the property is placed in service.

Annotations

The basis as defined by section 1012 of the Internal Revenue Code in turn composes the Nebraska adjusted basis under section 77-118, which then composes the net book value under subsection (1) of this section. Mid City Bank, Inc. v. Douglas Cty. Bd. of Equal., 260 Neb. 282, 616 N.W.2d 341 (2000).

Taxable property shall mean any real or tangible personal property subject to tax pursuant to law and not exempt from tax.

Purchase shall include taking by sale, discount, negotiation, or any other transaction for value creating an interest in property except liens. Purchase shall not include transfers for stock or other ownership interests upon creation, dissolution, or any other tax-free reorganization for income tax purposes of any corporation, partnership, limited liability company, trust, or other entity.

Annotations

The step transaction doctrine can be applied to determine if the transaction at issue is a purchase under this section. Mid City Bank, Inc. v. Douglas Cty. Bd. of Equal., 260 Neb. 282, 616 N.W.2d 341 (2000).

Omitted property means, for the current tax year, (1) any taxable real property that was not assessed on March 19, except beginning January 1, 2014, in any county with a population of at least one hundred fifty thousand inhabitants according to the most recent federal decennial census, any taxable real property that was not assessed on March 25, and (2) any taxable tangible personal property that was not assessed on May 1. Omitted property also means any taxable real or tangible personal property that was not assessed for any prior tax year. Omitted property does not include property exempt under subdivisions (1)(a) through (d) of section 77-202, listing errors of an item of property on the assessment roll of the county assessor, or clerical errors as defined in section 77-128.

Undervalued and overvalued property means any taxable real property that is assessed by the county assessor but has a taxable value lower or higher than other taxable property with which it is required to be equalized.

Tax situs means the tax district wherein taxable real property is located or taxable tangible personal property is located for fifty percent or more of the calendar year. Taxable tangible personal property of a business shall be assessed at the location of the business unless the property has acquired tax situs elsewhere.

Assessment means the act of listing the description of all real property and taxable tangible personal property, determining its taxability, determining its taxable value, and placing it on the assessment roll.

Tax district means an area within a county in which all of the taxable property is subject to property taxes at the same consolidated property tax rate.

Clerical error means transposition of numbers, mathematical error, computer malfunction causing programming and printing errors, data entry error, items of real property other than land identified on the wrong parcel, incorrect ownership, or certification of an incorrect valuation to political subdivisions.

Assessment roll means a complete and verified list of all real property and the taxable tangible personal property in a county and the associated assessments as defined in section 77-126. The assessment roll is described in section 77-1303.

Taxing official means any federal, state, or local government officer or employee who is charged with the duty of auditing, assessing, equalizing, levying, computing, and collecting taxes.

Taxable value shall be as described in section 77-201 and shall have the same meaning as assessed value.

(1) Parcel means a contiguous tract of land determined by its boundaries, under the same ownership, and in the same tax district and section. Parcel also means an improvement on leased land.

(2) If all or several lots in the same block are owned by the same person and are contained in the same subdivision and the same tax district, they may be included in one parcel.

(3) If two or more vacant or unimproved lots in the same subdivision and the same tax district are owned by the same person and are held for sale or resale, such lots shall be included in one parcel if elected to be treated as one parcel by the owner. Such election shall be made annually by filing an application with the county assessor by December 31.

(4) For purposes of this section, subdivision means the common overall plan or approved preliminary plat.

Annotations

This section does not violate Neb. Const. art. VIII, sec. 1. Agena v. Lancaster Cty. Bd. of Equal., 276 Neb. 851, 758 N.W.2d 363 (2008).

Central bank digital currency means any digital currency, digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities, and includes any such digital currency, digital medium of exchange, or digital monetary unit of account that is processed or validated directly by such entities.