Lincoln – The Nebraska Department of Revenue, Property Assessment Division released a new form Wednesday to request an ad­justment to an assessed valuation as a result of significant property dam­age from a disastrous event like a flood.

Form 425, Report of Destroyed Real Property, was created pursuant to Legislative Bill 512, the depart­ment said in a news release. The form is to be used by owners of real property whose property has suf­fered significant property damage as a result of a calamity occurring on or after Jan. 1 and before July 1 of the current assessment year. Property owners may file the form with the county assessor and the county clerk on or before July 15.

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 that significantly affects the assessed value of the property. Destroyed real property does not include property suffering significant property dam­age caused by the owner of the prop­erty. 

To qualify as significant property damage, it must be:

• Damage to an improvement ex­ceeding 20% of the improvement’s assessed value in the current tax year as determined by the county asses­sor;

• Damage to the land exceed­ing 20% of a parcel’s assessed land value in the current tax year as de­termined by the county assessor; or

• Damage exceeding 20% of the property’s assessed value in the cur­rent tax year as determined by the county assessor, if the property is located in an area that has been de­clared a disaster area by the governor and a housing inspector or health in­spector has determined the property is uninhabitable or unlivable.

– Nebraska Department of Revenue