Northeast and North Central Nebraskans impacted by this year’s flood damage — or any other calamity that took place between Jan. 1, 2019, and July 1, 2019 — may want to be aware of a new Nebraska Department of Revenue form that deals with destroyed real property.
Known as Form 425, it is intended to be used by owners of real property whose property suffered significant damage as a result of a calamity. The deadline for filing the form with one’s county assessor or county clerk is July 15.
A calamity is defined as a disastrous event, including such things as a fire, earthquake, flood, tornado or other natural event that significantly affects the assessed value of the property.
Significant property damage is defined as damaged to an improvement exceeding 20 percent of the improvement’s assessed value; damage to land exceeding 20 percent of a parcel’s value; or overall damage exceeding 20 percent of the property’s assessed value if located in an area that has been declared a disaster area or if a housing inspector has determined the property inhabitable.
Once the form is filed, a county board of equalization will consider the information to determine if any adjustments to the property’s assessed value should be made.
The new form has been created by the state revenue department’s property assessment division after state senators passed Legislative Bill 512, which was designed to provide some financial relief to those impacted by a disaster.