2005: Property Tax Provisions

LB 263 (2005) represented the annual technical cleanup bill brought to the Revenue Committee by the Property Tax Administrator (PTA) to improve the administration of the property tax. ;nbsp;In relation to the school finance formula, the measure amended the existing law relevant to non-appealable corrections of adjusted valuation.

Under prior law, a local system or county official may file, on or before June 30th of the year following the certification of adjusted valuation, a written request to the PTA for a non-appealable correction of the adjusted valuation due to changes to the tax list that change the assessed value of taxable property. ;nbsp;Upon filing the written request, the PTA must then require the county assessor to recertify the taxable valuation by school district in the county. ;nbsp;The recertified valuation would be the valuation that was certified on the tax list increased or decreased by changes to the tax list that change the assessed value of taxable property in the school district in the county in the prior assessment year. ;nbsp;The law provided that, on or before the following July 31st, the PTA must either approve or deny the request and, if approved, certify the corrected adjusted valuations resulting from such action to the Department of Education. ;nbsp;LB 263 changed the filing deadline from June 30th to May 31st in order to better facilitate the process.¹