Nebraska Revised Statute 77-1314
County assessor; use of income approach; when; duties; petition Tax Equalization and Review Commission; hearing; order.
(1) When determining the actual value of two or more vacant or unimproved lots in the same subdivision and the same tax district that are owned by the same person and are held for sale or resale and that were elected to be treated as one parcel pursuant to subsection (3) of section 77-132, the county assessor shall utilize the income approach, including the use of a discounted cash-flow analysis.
(2) If a county assessor, based on the facts and circumstances, believes that the income approach, including the use of a discounted cash-flow analysis, does not result in a valuation at actual value, then the county assessor shall present such facts and circumstances to the county board of equalization. If the county board of equalization, based on such facts and circumstances, concurs with the county assessor, then the county board of equalization shall petition the Tax Equalization and Review Commission to consider the county assessor's utilization of another professionally accepted mass appraisal technique that, based on the facts and circumstances presented by a county board of equalization, would result in a substantially different determination of actual value. Petitions must be filed within thirty days after the property is assessed. Hearings held pursuant to this section may be held by means of videoconference or telephone conference. The burden of proof is on the petitioning county board of equalization to show that failure to make an adjustment to the professionally accepted mass appraisal technique utilized would result in a value that is not equitable and in accordance with the law. At the hearing, the commission may receive testimony from any interested person. After a hearing, the commission shall, within the powers granted in section 77-5023, enter its order based on evidence presented to it at such hearing.