FOR IMMEDIATE RELEASE:
April 17, 2012
FOR INFORMATION, CONTACT:
Ruth Sorensen, Property Tax Administrator
402-471-5962, Mobile Phone 402-326-8433
Real Property Value Percentage Change 2011-2012
The Nebraska Department of Revenue, Property Assessment Division, has processed the 2012 Real Property Abstracts of Assessment filed by the 93 Nebraska county assessors. Preliminary analysis indicates that real property valuations have increased 5.66% from 2011 to 2012, an increase in valuation of approximately $8.32 billon.
- $1.48 billion (17.79%) is attributable to growth or new construction values.
- $6.84 billion (82.21%) is attributable to existing property valuation increases.
The real property value percentage change is based on the total property class 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, 2012 to those real property owners that had real property values that increased or decreased from 2011 to 2012.
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 the fiscal needs of those local
governments. This budgeting process takes place through September of each year. Tax rates must be determined by October 15 of each year.
Note: Attached to this news release is a document showing percentage changes by county and by major property type. This news release and documentation are available online at www.revenue.ne.gov/PAD.
Ruth A. Sorensen
Property Tax Administrator