This information was shared with local Realtors & I'd like to pass it onto the public:
"There is a NEW LAW enacted by the Nebraska Legislature that potentially has hefty property TAX CONSEQUENCES if you own vacant land in Nebraska.
Changes to state law regarding the valuation of vacant land requires that all vacant land now be valued at market value. In other words, if you own 5 lots in a subdivision, and you sell one lot for $60,000, the remaining 4 lots will now be assessed individually based on the $60,000 sale, unless you take action.
The new law means that if you have multiple vacant lots in the same subdivision it is important for you to file a Vacant or Unimproved Lot Application (Form 191) with the County Assessor's office on or before December 31, each year. The new law impacts both residential and commercial lots.
By filing the form, your land will be considered as one parcel for the purpose of valuation; provided the parcel is being held for resale with the same owner; in the same subdivision; in the same tax district (Nebraska Rev. Stat. 77-132). After filing the annual application, the single parcel will then be assessed for tax purposes using an income approach to value; by utilizing a discounted cash flow analysis, the assessor arrives at a present value for the sale of multiple lots in the future.
For more information, contact:
Diane Battiato, Douglas County Assessor; 402-444-7159 or
Dan Pittman, Sarpy County Assessor; 402-593-2122." - Doug Dohse