Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 350 - Nebraska Department of Revenue, Property Assessment Division › Chapter 52 - Documentary Stamp Tax Regulations › Section 350-52-002 - DEFINITIONS

Current through June 17, 2024
002.01 Assessed value
Assessed value shall mean the value of the property as
				  reflected in the records of the County Assessor as of the date the deed is
				  offered for recording.
002.02 Current market value
Current market value shall mean the cash value of the real
				  property based upon a sale between a willing buyer and a willing seller in the
				  ordinary course of trade.
002.03 Deed
Deed shall mean every instrument in writing by which any real
				  property or interest therein is created, aliened, mortgaged or assigned, or by
				  which the title to any real property may be affected in law or equity, except
				  last wills and leases for one year or less in time.
002.04 Full actual consideration
Full actual consideration shall mean the price paid or to be
				  paid for which the real property was sold, whether paid in money or by any
				  other thing of value, valued in its equivalent in cash, including but not
				  limited to liens or mortgages assumed, or to be assumed, satisfaction of debt
				  and other property transferred or to be transferred as part of the selling
				  price. Liens and mortgages, taken subject to are included. Full actual
				  consideration shall be a reasonable approximation of the current market value
				  of the real property. If significantly less than a reasonable approximation of
				  current market value, the consideration shall be treated as nominal. The amount
				  of consideration and whether there is full actual consideration is to be
				  determined as of the date stated on the deed.
002.05 Gift
Gift shall mean a voluntary transfer of beneficial interest
				  in or legal title to real property without full actual
				  consideration.
002.06
				Nominal consideration
Nominal consideration shall mean a consideration for the
				  transfer of title to real property bearing no relation to the current market or
				  actual value of the real property. In all circumstances, nominal consideration
				  shall mean that consideration given for the transfer of title to real property
				  which is less than 20 percent of the assessed value of the real property. If
				  the property is agricultural or horticultural land, the assessed value shall be
				  adjusted by a factor of 1.33. If the assessed value is agricultural or
				  horticultural land which has been given special valuation, the special value
				  shall be adjusted to actual value.
002.07 Real property
Real property shall mean:
002.07A All real estate and lands, which
				include city and village lots. In the most general sense, it encompasses the
				ground, soil, or earth.
002.07B All
				buildings, which include but are not limited to, buildings or structures
				designed for habitation, shelter, storage, trade, agriculture, manufacture,
				business, education, religion, and the like. Building shall mean a structure or
				edifice enclosing a space within its walls, and usually, but not necessarily,
				covered with a roof.
002.07C All
				fixtures except trade fixtures, which include any item of property that is:
002.07C(1) Annexed or physically attached to
				or incorporated into the real property;
002.07C(2) Applied or adapted to the use or
				purpose of the real property to which it is attached; and,
002.07C(3) Intended to be annexed to the real
				property. Intention shall be inferred from the nature and extent of the
				annexation and adaptation, unless the owner of the item or the owner of the
				real property provides documentation that the intention is otherwise.
002.07D All
				improvements, which include any addition made to real property amounting to
				more than mere repairs or replacements, such as structures or developments like
				sidewalks, streets, sewers, or utilities.
002.07E Mobile homes, cabin trailers, or
				similar property, which are used or intended to be used for residential,
				office, commercial, agricultural, or other similar purposes and which are
				connected to utilities, such as water, gas, electricity or sewer. The item need
				not be permanently attached to the real property on which it is located, but
				shall not be registered for highway use. This term shall not include mobile
				homes or cabin trailers that are unoccupied and held for sale by a person
				engaged in the business of selling such property, when such property is at the
				location of the business.
002.07F
				Mines, minerals, quarries, mineral springs and wells, oil and gas wells,
				overriding royalty interests, and production payments with respect to oil or
				gas leases. For more information, see Mineral Interests Regulations, Chapter
				13.
002.07G All privileges
				pertaining to real property, including, but not limited to, the right to sell,
				lease, use, give away, or enter and the right to refuse to do any of these. All
				rights may or may not be vested in the owner or interest holder.
002.07H Improvements on leased land shall
				mean any item of real property, such as buildings, fixtures, improvements,
				mobile homes, or cabin trailers, which are located on leased land or leased
				public land.