That means if lots are selling for $50,000 in a subdivision, all other lots for sale in the same subdivision will be assessed for tax purposes at $50,000. Under a law enacted by the 2014 Nebraska Unicameral, all vacant land will be valued at market value.

The owner of two or more vacant or unimproved lots that are being held for sale or resale, may elect to have the lots treated as one parcel for property assessment and property tax purposes. When treated in bulk, the sum assessed value may be lower than the sum of the market values. These lots must be in the same subdivision and in the same tax district.

An election for treatment as one parcel must be made annually by filing a Form 191 with the county assessor by December 31 immediately preceding the year for which the election to treat the vacant or unimproved lots as one parcel is sought.

For lots covered by this application, the county assessor must use the income approach, including the use of a discounted cash-flow analysis.



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