350 NAC 80-001. PURPOSE

REG-80-001 PURPOSE 001.01 These regulations specify the requirements and procedures of the Property Tax Administrator and Tax Commissioner in establishing the adjusted valuation pursuant to the Tax Equity and Educational Opportunities Support Act, see Neb. Rev. Stat. § 79-1003(2), for each local system and school district in Nebraska. The purpose of school adjusted valuation in the state aid formula is to reflect, as nearly as possible, the fully assessable value for each local system or school district, pursuant to Neb. Rev. Stat. § 79-1016(3). The Property Tax Administrator determines the assessment level for each local system or school district, relying primarily on two sources of information: a comprehensive ratio study developed in compliance with professionally-accepted mass appraisal techniques; and an ongoing review of assessment practices within each county by the Nebraska Department of Revenue, Property Assessment Division. The techniques used in the development and use of a ratio study are described in the 2013 Standard on Ratio Studies, issued by the International Association of Assessing Officers (IAAO). This Standard suggests that ratio studies require a statistically reliable sample of sales to represent the level of value for the jurisdiction being measured. The IAAO publications referred to are available to the public and maintained at the Department’s office in Lincoln, Nebraska, for viewing during normal business hours. (Neb. Rev. Stat. §§ 77-702, 79-1003, and 79-1016. July 3, 2013.)