Upon written request and for good cause shown, the Property Tax Administrator may waive the penalty in whole or in part. Any sale of operating property of a railroad or public service entity shall be reported by the purchaser to the Property Tax Administrator within 30 days from the date of the sale. Locally assessed property is valued as an individual asset. Centrally assessed property is valued as a unit. A unit value is based on all the assets working together as a business or entity.
Greater reliance is placed on the income approach to value, if adequate data is available.
The personal property portion of the allocated unit value is removed and replaced with a Nebraska allocated net book personal property amount. On or before July 1, each railroad company shall be mailed a draft appraisal of its allocated taxable value as determined by the Property Tax Administrator. On or before August 1, each public service entity shall be mailed a draft of its allocated taxable value as determined by the Property Tax Administrator. Railroads may meet informally with the Property Tax Administrator through July 12 to discuss the proposed valuation or method of allocation. Public service entities may meet informally with the Property Tax Administrator through August 10 to discuss the proposed valuation or method of allocation.