Section 350-80-003 - PROCEDURES003.01 On or before August 25 of each year, the county assessor must certify to the Property Tax Administrator the total taxable value including centrally assessed values, by each school district in the county for the current assessment year on forms prescribed by the Tax Commissioner. The county assessor may amend the filing for changes made to the taxable valuation of the school district in the county if corrections or errors on the original certification are discovered. Amendments must be certified to the Property Tax Administrator on or before September 30. 003.01A Establishment of the school adjusted valuations for real property is based on the level of value as defined in Reg-12-002 for each class or subclass, determined from an analysis of the assessment/sales ratio study, assessment practices, or any other studies and information developed by the Property Tax Administrator that are in compliance with professionally-accepted mass appraisal techniques.003.02 The Property Tax Administrator determines the real property adjustment factors, for purposes of school adjusted valuation. 003.02A For residential property, including rural residential, recreational property, commercial property, industrial property, agricultural residences, farm home site land, agricultural improvements, farm site land, and minerals, the adjustment factor is 96% divided by the level of value for each local system or school district, in whole or in part.003.02B For agricultural and horticultural land, as defined by Neb. Rev. Stat. § 77-1359, the adjustment factor is 72% divided by the level of value for each local system or school district, in whole or in part. 003.02B(1) For agricultural and horticultural land that receives a special valuation pursuant to Neb. Rev. Stat. § 77-1344, the adjustment factor is 72% of the special valuation as defined in Neb. Rev. Stat. § 77-1343 divided by the level of value for each local system or school district, in whole or in part. 003.02C For centrally assessed real property, the adjustment factor is 96% divided by the level of value for railroad companies and public service entities as determined by the Tax Equalization and Review Commission during the annual statewide equalization proceedings.003.02D If the level of value cannot be determined for the class or subclass of real property, no adjustment will be made.003.03 To determine the school adjusted value for real property by class in each local system or school district, the adjustment factors are applied to the total assessed valuation of the class, minus any redevelopment project value of the class, as reported to the Property Tax Administrator by the county assessor. For centrally assessed property, the adjustment factor is applied to the real property and the franchise value portion of the assessed value of railroad companies and public service entities.003.04 Real property which is part of a redevelopment project value is not adjusted by the Property Tax Administrator, pursuant to Neb. Rev. Stat. § 18-2149.003.05 To determine the total adjusted valuation by each local system or school district for certification to the Department of Education, the Property Tax Administrator adds to the adjusted real property valuation the total net book value for all taxable personal property, including the net book personal property of railroad companies and public service entities, and any redevelopment project value in each local system or school district.003.06 The Property Tax Administrator determines the level of value for the local system or school district, by county and by various classes of property, based upon an analysis of assessment/sales ratio studies and other studies developed by the Property Tax Administrator, in compliance with professionally-accepted mass appraisal techniques, as required by Neb. Rev. Stat. § 77-1327. 003.06A Assessment/sales ratio studies are developed pursuant to Neb. Rev. Stat. § 77-1327 and Chapter 12, Sales File Regulations.003.06B Assessment practice studies are developed pursuant to Neb. Rev. Stat. § 77-5027 and Chapter 17, Report and Opinion Regulations.003.07 The weighted mean ratio, is the preferred measure of central tendency in determining the assessment level for purposes of school adjusted valuation because of its dollar-weighting feature useful in determining the fully assessable value of a local system or school district. To address the potential influences of high dollar sales in the weighted mean calculation, the Property Tax Administrator may analyze by value strata if it is determined that assessment levels vary among the spectrum of property values.003.07A The weighted mean ratio is calculated by: (1) totaling the assessed values; (2) totaling the sales prices; and (3) dividing the total assessed values by the total sales prices.003.08 The Property Tax Administrator will analyze both the assessment practices and statistical information available for each local system or school district in whole or in part within the county to determine if the valuation practices in the district are consistent with the county as a whole. This analysis determines whether the data available to the Property Tax Administrator regarding the level of value and quality of assessment is an adequate representation of the level of value and quality of assessment within each local system or school district in the county.003.08A If the Property Tax Administrator determines the data regarding the level of value for the county does not adequately represent a particular local system or school district within the county, the Property Tax Administrator will document that information and provide an explanation of the factors led to that conclusion.003.08B If the data available is sufficient to represent the level of value and quality of assessment for a particular local system or school district, the level of value for the district will be determined based on a comparison to the level of value of the county. If the two measures are reasonably similar, the level of value for the county will be used.003.08C If, in the opinion of the Property Tax Administrator, the weighted mean ratio does not accurately reflect the assessment level for the class of property in a school district based on his or her knowledge of assessment practices in the county, or if the assessment/sales ratio studies indicate an unrepresentative sample of sold parcels, the Property Tax Administrator may use an alternative method to determine the assessment level in the local system or school district. Any alternative method adopted by the Property Tax Administrator must rely on professionally-accepted mass appraisal techniques.350 Neb. Admin. Code, ch. 80, § 003