Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 350 - Nebraska Department of Revenue, Property Assessment Division › Chapter 12 - State Sales File Regulations › Section 350-12-004 - SALE QUALIFICATION PROCEDURES

Current through June 17, 2024
004.01 All sales are considered qualified
				sales unless sufficient information is available to prove otherwise.
				Non-qualified sales and adjustments to sales may not be recorded unless the
				sale has been verified pursuant to professionally-accepted mass appraisal
				techniques and determined to be non-qualified or necessary to adjust.
				Sufficient and compelling information must accompany the qualification code in
				the state sales file.
004.02 Burden
				of Proof
Sale prices may be adjusted to reflect the full actual
				  consideration paid for real property only after the sale has been verified
				  pursuant to professionally accepted mass appraisal techniques and information
				  suggests an adjustment is necessary;
004.03 Review of Protests
The following usability codes must be used by the county to
				  classify sales as qualified or nonqualified in the state sales file.
004.03A Usability code (1) means the sale is
				considered an arm's-length transaction between two or more parties, both of
				whom sought to maximize their position from the sale. These sales are qualified
				for use in the assessment/sales ratio study.
004.03B Usability code (2) means the sale is
				an arm's-length transaction in which sale price adjustments are necessary to
				reflect the actual value paid for the real property. The reason for the
				adjustment must be noted in the county assessor comments section of the sales
				file. These sales, as adjusted, are qualified for use in the assessment/sales
				ratio study. Caution should be exercised to ensure the amount adjusted for
				personal property reflects its value contribution to the sale.
004.03C Usability code (3) means an
				arm's-length transaction of property that has substantially changed physically,
				legally, or economically after the sale. This change substantially affects the
				market value of the parcel, so the parcel as assessed no longer represents the
				characteristics of the parcel when sold. A description of the change to the
				parcel must be noted in the county assessor comment section of the state sales
				file. Sales of substantially changed property will not be used in the
				assessment/sales ratio study unless an insufficient sample exists and a value
				can be developed to represent the parcel as it existed when sold.
004.03D Usability code (4) means the sale is
				not considered an arm's-length transaction. The reason for the sale being
				considered a non-arm's length transaction and excluded from the
				assessment/sales ratio study must be noted in the county assessor comment
				section of the state sales file. These sales are not qualified for use in the
				assessment/sales ratio study.
004.03E Usability code (5) means the sale is
				considered an arm's-length transaction but will not be used in the
				assessment/sales ratio study because the parcel has unique characteristics that
				make the parcel invalid for comparison to similarly classified
				parcels.
004.03F Usability codes of
				blank or zero means the sale will be considered a qualified sale.