Nebraska LB647 modifies property tax assessments by changing the net book value calculation method.
Nebraska LB647 amends the calculation of net book value for property tax assessments. It introduces a new method based on the one-hundred-fifty-percent declining balance method, switching to straight line, with a one-half-year convention. This change affects the recovery period for various classes of property, ranging from three to twenty years, depending on the anticipated useful life. The new method will become effective on January 1, 2026.
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