WAHOO – Property owners that took a direct hit from the March flooding may want to check out the instructions for Form 425.
Form 425 is the new form created when LB 512 was approved this past Legislative session.
Form 425 is to be used by owners of real property whose property has suffered significant damage as a result of a calamity occurring on or after Jan. 1 and before July 1 of the current assessment year. The property owner may file the Form 425 with the county assessor and the county clerk on or before July 15.
Saunders County Assessor/Register of Deeds Rhonda Andresen said two forms have already been turned into her office and she is expecting more.
There is certain criteria that must be met and damaged property must be documented. But, she said it is worthwhile for property owners to see if it might be appropriate for them to file.
“We definitely want to give relief if relief is needed,” she said.
The Department of Revenue, Property Assessment Division released last week that a calamity is defined as a disastrous event, including, but not limited to, a fire, an earthquake, a flood, a tornado, or other natural event which significantly affects the assessed value of the property.
Destroyed real property does not include property suffering significant property damage that is caused by the owner of the property.
Significant property damage is defined as:
1. Damage to an improvement exceeding 20 percent of the improvement’s assessed value in the current tax year as determined by the county assessor;
2. Damage to the land exceeding 20 percent of a parcel’s assessed land value in the current tax year as determined by the county assessor; or
3. Damage exceeding 20 percent of the property’s assessed value in the current tax year as determined by the county assessor if a) The property is located in an area that has been declared a disaster area by the Governor and b) A housing inspector or health inspector has determined the property is uninhabitable or unlivable.
The county board of equalization will consider the report to determine any adjustments to the assessed value of the destroyed real property for the current year.
The county board of equalization must act upon this report on or after June 1 and on or before July 25, or on or before Aug. 10 if the board has adopted a resolution to extend the deadline for hear protests under state statute 77-1502, and must send a notice of the reassessment value for the destroyed real property to the property owner.
For more information, contact the assessor’s office. The form and instructions may be found at http://www.revenue.nebraska.gov/PAD/forms/f_425.pdf.