Title 42 — Taxation

A. The department shall: 1. Exercise general supervision over county assessors in administering the property tax laws to ensure that all property is uniformly valued for property tax purposes. 2. Prescribe forms to be used by county assessors for: (a) Listing and valuing property…

A. On or before November 15 of each year each county assessor shall report to the department each parcel of property that has not been appraised during the preceding three years. The assessor shall include a statement of the reasons for the failure to appraise each such parcel. B…

A. County assessors shall use data processing systems that are prescribed by the department, but a county assessor who has a data processing system that is compatible with the system prescribed by the department may continue to use that system if it is coordinated with the system…

A. The department shall perform and issue the results of sales-ratio studies using sales or appraisal data according to statistical principles that apply to the studies. B. If the studies disclose discrepancies with county assessors' full cash values, the department may request t…

A. A person may not perform the duties or exercise the authority of an assessor or appraiser of property in or on behalf of a county unless the person holds an assessor's or appraiser's certificate, respectively, that is issued or recognized by the department. This subsection doe…

A. The education, training and certification advisory committee is established consisting of the following members: 1. A member of the state board of equalization who is appointed by the chairman of the state board. 2. Three county assessors or deputy county assessors who are app…

A. Not later than December 15 of each year the county assessor shall identify by diligent inquiry and examination all real property in the county that is subject to taxation and that is not otherwise valued by the department as provided by law. B. The assessor shall: 1. Determine…

In the case of property that is classified as class two, three or four pursuant to section 42-12002, 42-12003 or 42-12004, the assessor may use the same valuation for up to three consecutive tax years if: 1. The assessor files a specific plan for the valuations with the departmen…

A. If the county assessor initially determines the valuation of property under this article by using a computerized data processing or valuation program, and if the valuation found by that method constitutes a change in the valuation methodology and the resulting change in valuat…

A. The taxable value of personal property that is valued by the county assessor is the result of acquisition cost less any appropriate depreciation as prescribed by tables adopted by the department. The taxable value shall not exceed the market value. B. Except as provided in sub…

A. Beginning in valuation year 2000, the department shall reduce the minimum value prescribed for class one, paragraphs 8, 9, 10 and 13 and class two (P) valued by the assessor by 2.5 per cent good each year. B. This section does not require the department to reduce the minimum v…

A. When characterized as personal property, subject to any applicable constitutional exemption from taxation, the property specified in section 42-11054, subsection C, paragraph 3 shall be valued annually, at its taxable original cost, minus any appropriate depreciation as prescr…

A. Land that is used for agricultural purposes shall be valued using only the income approach to value without any allowance for urban or market influences. B. The income of agricultural property shall be determined using the capitalized average annual net cash rental of the prop…

A. Each lease of agricultural land or agreement to rent agricultural land for a period of more than ninety days shall be abstracted in a written statement in a form approved by the department containing at least the following information: 1. The name and address of the lessor and…

In this article, unless the context otherwise requires, "golf course" means substantially undeveloped land, including amenities such as landscaping, irrigation systems, paths and golf greens and tees, that may be used for golfing or golfing practice by the public or by members an…

A. In recognition of the importance of the open space and economic benefits of golf courses, county assessors shall value all golf courses uniformly based on guidelines prescribed by the department. B. Subject to section 42-13154, values shall be made on the assumption that no ot…

A. As a condition for valuation under this article, the owner of a golf course shall record a deed restriction with the county recorder and file a copy of the restriction with the county assessor, requiring and restricting the property to use as a golf course for at least ten yea…

In this article, unless the context otherwise requires, "shopping center" means an area that is comprised of three or more commercial establishments, the purpose of which is primarily retail sales, that has a combined gross leasable area of at least twenty-seven thousand square f…

A. A shopping center that is subject to valuation for purposes of property tax shall be valued pursuant to this article. This article establishes the exclusive valuation methods and procedure for determining the valuation of a shopping center. B. All information that a taxpayer s…

A. Except as provided by section 42-13204, the county assessor shall determine the valuation of a shopping center by using the replacement cost less depreciation method. B. This method shall use base rates in existence on January 1, 1982 subject to any changes that are necessary …

In lieu of valuation under section 42-13203, the owner of a shopping center may elect to have the valuation of the shopping center determined by the income method commonly known as the straight line building residual method if the owner submits all reasonably necessary income and…

On appeal of a valuation determined by the income method pursuant to section 42-13204 or an appeal in which the owner has elected the income method pursuant to section 42-13203, subsection D, the valuation of a shopping center shall be determined by whichever one of the following…

For the purposes of this article any part of the land of a shopping center that is limited by a zoning requirement or contractual covenant to parking or common area use shall be valued on the assumption that no other use is possible.

A. The department may adopt a schedule of examining and comparing the valuations of property in the several counties every year. B. The review shall be according to and consistent with the valuation directives, rules and guidelines adopted by the department. C. Each county assess…

A. If the department finds that inequalities exist between or within counties or between or within classes or classifications, the department may equalize them so that all property that is subject to taxation is listed on the rolls at its full cash value. B. The department shall …

On determining that an equalization order is necessary, the department shall: 1. Notify the assessor of any county that is affected by the order. 2. At the same time, notify by certified mail or by e-mail the governor, the president of the senate and the speaker of the house of r…

A. The department shall issue an equalization order no later than January 15 of the valuation year. B. The equalization order is for the valuation year in which the order is issued. C. The assessor shall not issue a notice for property affected by the equalization order pursuant …

The county assessor who receives an equalization order may appeal the order to the state board of equalization pursuant to section 42-16159 on or before February 15 of the valuation year.

On reviewing the effect of an equalization order on individual property valuations, the county assessor may adjust the level of valuation of a property if the equalization order would result in the property being valued at a level greater than full cash value.

In conjunction with the valuation examinations under this article, the department shall report to the property tax oversight commission established by section 42-17002 on the accuracy of valuations reported in prior years pursuant to section 42-17052.

A. The limited property value of property for property taxation purposes is the limited property value of the property in the preceding valuation year plus five per cent of that value. B. The current limited property value of a parcel of property shall not exceed its current full…

A. In the following circumstances the limited property value shall be established at a level or percentage of full cash value that is comparable to that of other properties of the same or a similar use or classification: 1. Property that was erroneously totally or partially omitt…

The limitations prescribed by this article do not apply to: 1. Personal property, other than mobile homes. The full cash value of personal property, other than mobile homes, shall be used for all purposes in lieu of limited property value. 2. Property included in property class o…

A. Real or personal property that is subject to valuation for property tax purposes and that is used by any manufacturer, assembler or fabricator of tangible personal property, except property that is included in class one, paragraphs 1 through 9 and paragraphs 11 through 14 and …

A. The county assessor shall determine the valuation of both real and personal property valued under this article. B. For purposes of determining the valuation of property valued under this article, the county assessor shall use standard appraisal methods and techniques as provid…

A. Except as provided in subsection D and notwithstanding any other statute, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during tax year 199…

A. The county assessor shall not value or assess personal property construction work in progress until the construction work has progressed to a sufficient degree for the personal property to be useful for the purposes for which it is being constructed. B. For the purposes of thi…

A. Clean rooms that are used for manufacturing, processing, fabrication or research and development of semiconductor products shall be valued and assessed as tangible personal property. B. For the purposes of this section: 1. "Clean room" means all property that comprises or crea…

This article establishes the exclusive method for identifying and valuing common areas.

A. The county assessor shall identify common areas for valuation under this article. B. In general, common areas consist of improved or unimproved real property that is intended for the use of owners and residents of a residential subdivision or development and invited guests of …

A. Subject to section 42-13404, values for common areas shall be made on the assumption that no other property use is possible. B. Land, buildings and improvements used for common areas shall be valued at five hundred dollars per parcel. The county assessor may divide the assessm…

A. As a condition for valuation under this article, the subdivider of a residential subdivision, on approval of the subdivision by the state real estate department pursuant to title 32, chapter 20, article 4, or the community or homeowners' association that owns the common area s…

In this article, unless the context otherwise requires: 1. "Accommodation" means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room or other private or commercial structure containing toilet facilities that is designed and available for use and occu…

A. Except as provided by subsection B, the county assessor shall determine the valuation of timeshare property based on the original gross sales price of the timeshare interests of the timeshare property to a buyer. If there are insufficient original sales, the county assessor ma…

A. On or before September 30 of each year, each managing entity shall file with the county assessor a timeshare use form, prescribed by the department, for each timeshare property. The form shall contain: 1. The name and mailing address of the managing entity. 2. The total number…

A. Except as provided in subsection B, for the purpose of ad valorem taxation the managing entity identified on the timeshare use form is considered to be the taxpayer as agent of the person who owns the timeshare property. B. For the purpose of an appeal pursuant to chapter 16 o…

A. The assessed value of a leased portion of real property that qualifies under subsection B of this section is the greater of the total lease payments collected by the real property owner during the tax year or the assessed value of the leased property if it were classified as c…

1. Consists of at least one thousand contiguous acres that are any of the following: (a) Private property adjacent to the headquarters. (b) Leased property adjacent to the headquarters. For the purposes of this subdivision, the lease agreement may be for private or public real pr…

B. The valuation of a guest ranch under this section constitutes a covenant between the county assessor and the owner of the guest ranch that the use of the property will remain unchanged for the duration of the deed restriction. C. The county assessor shall maintain a record of …

In this article, unless the context otherwise requires: 1. "Conventional multifamily property" means a residential rental property that does not meet the requirements prescribed in paragraph 3 of this section. 2. "Low-income housing tax credit program" means the federal low-incom…