§ 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.

Legislative History

Source: Laws 2014, LB191, § 16.