Neb. Admin. Code § 350-17-07.05.2017 — Property Assessment Division Report and Opinion Regulations 2 Numerical Table of Contents SUBJECT STATUTORY AUTHORITY SECTIONS Purpose Neb

Rev. Stat. §§ 77-702, 77-1327, and 77- 5027. 001 Definitions Neb. Rev. Stat. §§ 77-103.01, 77-702, a nd 77-1327. 002 Report and Opinion Neb. Rev. Stat. §§ 77-702, 77-13 27, 77-1343, 77-1344, 77-1377, 77-1514, and 77-5027. 003 Opinion Neb. Rev. Stat. §§ 77-702, 77-1327, 77-13 43, 77-1344, 77-1377, 77-1514, and 77-5027. 004 Division Corrections and Amendments Neb. Rev. Stat. §§ 77-702. 005 Tax Equalization and Review Commission Order Compliance Audit Neb. Rev. Stat. §§ 77-702, 77-1330, 77-5028, and 77 -5029. 006 Nebraska Department of Revenue Title 350, Chapter 17, Rev. 07.05.2017 Property Assessment Division Report and Opinion Regulations 3 Title 350 – Nebraska Department of Revenue, Propert y Assessment Division Chapter 17 – Report and Opinion Regulations REG-17-001 PURPOSE 001.01 This regulation defines terms, responsibili ties of parties, implementation, and presentation o f the Property Tax Administrator’s Report and Opinion of the level of value and quality of assessment requir ed by Neb. Rev. Stat. §§ 77-1327 and 77-5027. Each annual Report and Opinion will be based on all information available to the Property Tax Administrator as provided by statistic al studies, the Assessment Practices Survey, and an y other report or information available to the Nebraska Department of Revenue. The description of the techniques generally used in the development and use of a ratio study is develo ped using the most current version of the Standard on Ratio Studies (Standard), issued by the International Association of Assessing Officers (IAAO). Two other references, Ma ss Appraisal of Real Property and Property Assessme nt Valuation, also issued by the IAAO, contain discuss ion of the development and use of ratio studies. Fu rther, the Division sets forth procedures for the development of the ratio study in the Title 350 Neb. Admin. Cod e Chapter 12, Sales File Regulations. The Standard provides recommendations for the design, preparation, interpretation, and use of ratio studies for a number of purposes. The Standar d assumes that ratio studies will contain a statist ically adequate sample of sales to represent the level of value for a particular jurisdiction being measured. Neb. Rev. Stat. §§ 77-702, 77-1327, and 77-5027. Nebraska Department of Revenue Title 350, Chapter 17, Rev. 07.05.2017 Property Assessment Division Report and Opinion Regulations 4 REG-17-002 DEFINITIONS 002.01 Class or subclass of real property means a collection of properties that share one or more com mon characteristics that affect value, and that are not found in other properties outside the class or sub class pursuant to Neb. Rev. Stat. § 77-103.01. 002.01A For agricultural or horticultural land, cl ass or subclass includes but is not limited to: irrigated cropland; dry cropland; grassland; wastel and; nurseries; feedlots; orchards; location; geogr aphic characteristics; and other market characteristics that are appropriate for the assessment of the class or subclass of agricultural or horticultural land. 002.01B For all other real property, class or subc lass includes, but is not limited to: improvement status; parcel type; zoning; location; city size; p arcel size; geographic characteristics; or market characteristics that are appropriate for the valuat ion of a class or subclass of real property. For th e purposes of this regulation market characteristics means the social and economic factors in the market that aff ect the value of real property. Geographic characteristics means the physical characteristics of the earth, l and, region, or site that may have an effect on value. 002.02 Clerical error means transposition of numbe rs, mathematical error, computer malfunction causin g programming and printing errors, data entry error, items of real property other than land identified on the wrong parcel, incorrect ownership, or certification of an incorre ct valuation to political subdivisions, pursuant to Neb. Rev. Stat. § 77-128.