WASHINGTON, D.C. – April 11, 2013 – (RealEstateRama) — The Nebraska Department of Revenue, Property Assessment Division, has processed the 2013 Real Property Abstracts of Assessment filed by the 93 Nebraska county assessors. Preliminary analysis indicates that real property valuations have increased 8.76% from 2012 to 2013, an increase in valuation of approximately $13.57 billon.
- $ 1.73 billion (12.76%) is attributable to newly-constructed real property.
- $11.84 billion (87.24%) is attributable to existing property valuation increases.
The real property value percentage change by property type is based on the total property reported in each county. The real property value of individual property owners in each county may not be affected by the same percentage change.
Real property valuations are set by the county assessors and are subject to review during the statewide equalization proceedings before the Tax Equalization and Review Commission. Real property valuation change notices will be mailed on or before June 1, 2013 to real property owners who had real property values that increased or decreased from 2012 to 2013.
Increases to real property valuations may result in an increase of tax revenue for local governmental subdivisions. If the tax rates from the previous year remain unchanged, additional property taxes would be generated. Local property taxes are the product of spending and budgeting decisions made by local governments, based on their fiscal needs. The final budgets must be approved by September 20 of each year. Tax rates must be determined by October 15 of each year.
Attached to this news release are the percentage changes by county and by major property type. This news release and attachment are available at www.revenue.ne.gov/PAD.
Ruth A. Sorensen, Property Tax Administrator
402-471-5962, Mobile 402-430-8446