Nebraska Legislature Bill LB501 Comm Sub / Analysis

                    One Hundred Ninth Legislature - First Session - 2025
Introducer€s Statement of Intent
LB501
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Chairperson: Senator R. Brad von Gillern
Committee: Revenue
Date of Hearing: February 05, 2025
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The following constitutes the reasons for this bill and the purposes which are sought to be
accomplished thereby:
Nebraskas destroyed real property reassessment laws allow property owners of destroyed
properties to apply to have their properties reassessed for property tax purposes provided that
the amount of destruction meets or exceeds 20% of the structures assessed value and that the
incident occurs prior to July 1 of the same calendar year.€
LB501 clarifies the language in Nebraskas destroyed real property reassessment laws to
include all damages done to properties which are not caused by the owner of the property,
such as arson.  Current state statutes have been misinterpreted by lower courts to apply only
to properties destroyed by a natural disaster. By changing the words destroyed property
to the words damaged property the state statutes will better reflect and align with the
original intent of Sen. Erdmans bill, LB 482 (2019), as well as the decision reached by the
Nebraska Supreme Court in the case of Inland Insurance Co. v. Lancaster County Board
of Equalization. The Nebraska Supreme Court ruled that the law does not apply only to
situations caused "by forces of nature."
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Principal Introducer:________________________________
Senator Glen Meyer
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