Section 350-12-001 - PURPOSE001.01 The purpose of these regulations is to define terms and establish procedures for the state sales file. The state sales file is a database of sales of real property in the State of Nebraska developed by the Property Tax Administrator in compliance with professionally accepted mass appraisal methodology pursuant to Neb. Rev. Stat. § 77-1327. 001.02 Pursuant to Neb. Rev. Stat. § 77-1327(1), "it is the intent of the Legislature that accurate and comprehensive information be developed by the Property Tax Administrator and made accessible to the taxing officials and property owners in order to ensure the uniformity and proportionality of the assessments of real property valuations in the state in accordance with law." Subsection (2) of § 77-1327 provides that all transactions of real property for which a real estate transfer statement is required will be available for the development of a state sales file by the Property Tax Administrator. All transactions with a stated consideration of more than $100, or when more than $ 2.25 in documentary stamp taxes are paid, will be considered sales. All sales will be considered arm's-length transactions unless determined not to be, using professionally-accepted mass appraisal techniques.001.03 Neb. Rev. Stat. § 77-1327(3) requires the Property Tax Administrator to develop comprehensive ratio studies from the state sales file. The assessment/sales ratio studies are used by the Property Tax Administrator to assist the Tax Equalization and Review Commission in measuring the level of value and quality of assessment for statewide equalization purposes, and to assist in establishing local system or school district adjusted valuations under Neb. Rev. Stat. § 79-1016. The assessment/sales ratio studies may also be used by county assessors and county boards of equalization for determining assessment actions in the county. To comply with statutory requirements, a state sales file database has been built, consisting of a complete record of all reported real property sales for a stated time frame. The Property Tax Administrator provides the county assessors with access to the state sales file for purposes of viewing sale rosters, assessment/sales ratio study reports, and finding comparable sales for hard-to-assess properties. Upon request, the Property Tax Administrator will make the state sales file database available to any party for use in the appraisal, assessment or equalization of property. Neb. Rev. Stat. §§ 77-702, 77-1327, 77-1371, 77-1377, 77-5027, and 79-1016.
350 Neb. Admin. Code, ch. 12, § 001