Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 350 - Nebraska Department of Revenue, Property Assessment Division › Chapter 30 - Property Valued By The State Regulations › Section 350-30-002 - DEFINITIONS

Current through June 17, 2024
002.01 Air carrier
Air carrier shall mean any person, firm, partnership,
				  corporation, association, trustee, receiver, or assignee, and all other persons
				  whether or not in a representative capacity, undertaking to engage in the
				  transportation of persons or cargo for hire by aircraft.
002.02 Allocation is the process of assigning
				a portion of a company's unit value to the state.
002.03 Car line company
Car line company shall mean any person other than a railroad
				  company, owning or operating any railroad cars of any description through, in,
				  or into the state of Nebraska.
002.04 Centrally assessed property
Centrally assessed property shall mean owned or leased
				  operating property of railroad companies, public service entities, car line
				  companies, and air carrier flight equipment valued by the
				  state.
002.05 Distribution
				of value is the process of assigning a portion of the company's allocated
				taxable value to the taxing subdivisions of the state.
002.06 Franchise value is the value that
				attaches to a group of tangible taxable assets operating as a unit or a
				whole.
002.07 Locally assessed
				property
Locally assessed property shall mean property valued by the
				  assessor. Locally assessed property shall include nonoperating property, owned
				  or leased by a centrally assessed company, that does not contribute to a
				  company's primary function.
002.08 Person shall be defined to include
				bodies politic and corporate, societies, communities, individuals,
				partnerships, joint stock companies, and associations.
002.09 Public service entity
Public service entity shall mean any person or company
				  organized for profit under the laws of this state or any other state or
				  government and engaged in the business of waterworks, electrical power,
				  gasworks, natural gas, telecommunications, pipelines used for the transmission
				  of oil, heat, steam, or any substance to be used for lighting, heating, or
				  power, and pipelines used for the transmission of articles of pneumatic or
				  other power, and all other similar or like entities.
002.10 Railroad company
Railroad company shall mean any person, association, company,
				  or corporation owning, controlling, or operating a railroad in this state, or
				  owning, controlling, or operating any station, depot, track, terminal, or
				  bridge in this state for railroad purposes as owner, lessee, or
				  otherwise.
002.11 Taxable
				value
Taxable value shall mean actual value of real property and
				  franchise where applicable, and net book value of tangible personal
				  property.
002.12 Taxing
				subdivision refers to the governmental entity empowered to levy a property
				tax.
002.13 Unit value
Unit value shall mean the valuation of the operating company
				  as an integrated group of assets functioning as an economic unit without
				  reference to the independent value of the component parts.
002.14 Operating property
Operating property shall mean property that is owned or
				  leased and contributes to the operation or purpose of a centrally assessed
				  company, entity, or carrier.
002.15 Nonoperating property
Nonoperating property shall mean property that is owned or
				  leased and does not contribute to the operations or primary purpose of a
				  centrally assessed company, entity or carrier.
002.16 Telecommunications
Telecommunications means the transmission, between or among
				  points specified by the subscriber, of information of the subscriber's
				  choosing, without a change in the form or content of the information as sent or
				  received.
002.17
				Telecommunications company
Telecommunications company means any person, firm,
				  partnership, limited liability company, corporation, association, or
				  governmental entity offering telecommunications service.
002.18 Telecommunications service
Telecommunications service means the offering of
				  telecommunications for a fee.
002.19 Net book value shall be the Nebraska
				adjusted basis of tangible personal property multiplied by the appropriate
				Nebraska depreciation factor. Net book value as a percentage of Nebraska
				adjusted basis is premised upon the one-hundred-fifty (150) percent declining
				balance method, switching to straight line, with a one-half-year
				convention.