Section 350-12-004 - SALE QUALIFICATION PROCEDURES004.01 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 This change substantially affects the market value of the parcel, so the parcel as assessed no longer represents the characteristics of the parcel when sold.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.004.04 Ruling on Protest The Division may make a different determination from that of the county assessor regarding the qualification of a sale or an adjustment to the selling price for use in the sales ratio study. If a different determination is made the county assessor will be contacted to discuss the determination prior to issuance of the Report and Opinion.
004.05 Appeal The county assessor must provide accurate and up-to-date information in the state sales file on or before December 1.
Neb. Rev. Stat. §§ 77-702, 77-1327, 77-1371 and 77-5023.
350 Neb. Admin. Code, ch. 12, § 004