Nebraska Administrative Code
Topic - REVENUE, DEPARTMENT OF
Title 350 - Nebraska Department of Revenue, Property Assessment Division
Chapter 17 - Report and Opinion Regulations
Section 350-17-001 - PURPOSE

001.01 This regulation defines terms, responsibilities of parties, implementation, and presentation of the Property Tax Administrator's Report and Opinion of the level of value and quality of assessment required by Neb. Rev. Stat. §§ 77-1327 and 77-5027. Each annual Report and Opinion will be based on all information available to the Property Tax Administrator as provided by statistical studies, the Assessment Practices Survey, and any other report or information available to the Nebraska Department of Revenue.

The description of the techniques generally used in the development and use of a ratio study is developed using the most current version of the Standard on Ratio Studies (Standard), issued by the International Association of Assessing Officers (IAAO). Two other references, Mass Appraisal of Real Property and Property Assessment Valuation, also issued by the IAAO, contain discussion of the development and use of ratio studies. Further, the Division sets forth procedures for the development of the ratio study in the Title 350 Neb. Admin. Code Chapter 12, Sales File Regulations. The Standard provides recommendations for the design, preparation, interpretation, and use of ratio studies for a number of purposes. The Standard assumes that ratio studies will contain a statistically adequate sample of sales to represent the level of value for a particular jurisdiction being measured.

Neb. Rev. Stat. §§ 77-702, 77-1327, and 77-5027.