NE LB501

Property owners whose real property suffers damage exceeding 20% of assessed value from fires, earthquakes, floods, tornadoes, or other calamitous events between January 1 and July 1 may file for a property tax assessment reduction by July 15

Changes terminology throughout Nebraska statutes from "destroyed real property" to "damaged real property" to clarify that property does not need to be completely destroyed to qualify for tax relief

County assessors must inspect all reported damaged properties and submit a comprehensive report to the county board of equalization by July 20, which then adjusts assessed values to reflect post-damage conditions

Property owners may protest the adjusted assessed value within 30 days of receiving notice, and may appeal the board's decision to the Tax Equalization and Review Commission within 30 days

Declared an emergency measure, taking effect immediately upon approval by the Governor on April 7, 2025