Section 350-52-002 - DEFINITIONS002.01 Assessed value Assessed value shall mean the value of the property as reflected in the records of the County Assessor as of the date the deed is offered for recording.
002.02 Current market value Current market value shall mean the cash value of the real property based upon a sale between a willing buyer and a willing seller in the ordinary course of trade.
002.03 Deed Deed shall mean every instrument in writing by which any real property or interest therein is created, aliened, mortgaged or assigned, or by which the title to any real property may be affected in law or equity, except last wills and leases for one year or less in time.
002.04 Full actual consideration Full actual consideration shall mean the price paid or to be paid for which the real property was sold, whether paid in money or by any other thing of value, valued in its equivalent in cash, including but not limited to liens or mortgages assumed, or to be assumed, satisfaction of debt and other property transferred or to be transferred as part of the selling price. Liens and mortgages, taken subject to are included. Full actual consideration shall be a reasonable approximation of the current market value of the real property. If significantly less than a reasonable approximation of current market value, the consideration shall be treated as nominal. The amount of consideration and whether there is full actual consideration is to be determined as of the date stated on the deed.
002.05 Gift Gift shall mean a voluntary transfer of beneficial interest in or legal title to real property without full actual consideration.
002.06 Nominal consideration Nominal consideration shall mean a consideration for the transfer of title to real property bearing no relation to the current market or actual value of the real property. In all circumstances, nominal consideration shall mean that consideration given for the transfer of title to real property which is less than 20 percent of the assessed value of the real property. If the property is agricultural or horticultural land, the assessed value shall be adjusted by a factor of 1.33. If the assessed value is agricultural or horticultural land which has been given special valuation, the special value shall be adjusted to actual value.
002.07 Real property Real property shall mean:
002.07A All real estate and lands, which include city and village lots. In the most general sense, it encompasses the ground, soil, or earth.002.07B All buildings, which include but are not limited to, buildings or structures designed for habitation, shelter, storage, trade, agriculture, manufacture, business, education, religion, and the like. Building shall mean a structure or edifice enclosing a space within its walls, and usually, but not necessarily, covered with a roof.002.07C All fixtures except trade fixtures, which include any item of property that is: 002.07C(1) Annexed or physically attached to or incorporated into the real property;002.07C(2) Applied or adapted to the use or purpose of the real property to which it is attached; and,002.07C(3) Intended to be annexed to the real property. Intention shall be inferred from the nature and extent of the annexation and adaptation, unless the owner of the item or the owner of the real property provides documentation that the intention is otherwise. 002.07D All improvements, which include any addition made to real property amounting to more than mere repairs or replacements, such as structures or developments like sidewalks, streets, sewers, or utilities.002.07E Mobile homes, cabin trailers, or similar property, which are used or intended to be used for residential, office, commercial, agricultural, or other similar purposes and which are connected to utilities, such as water, gas, electricity or sewer. The item need not be permanently attached to the real property on which it is located, but shall not be registered for highway use. This term shall not include mobile homes or cabin trailers that are unoccupied and held for sale by a person engaged in the business of selling such property, when such property is at the location of the business.002.07F Mines, minerals, quarries, mineral springs and wells, oil and gas wells, overriding royalty interests, and production payments with respect to oil or gas leases. For more information, see Mineral Interests Regulations, Chapter 13.002.07G All privileges pertaining to real property, including, but not limited to, the right to sell, lease, use, give away, or enter and the right to refuse to do any of these. All rights may or may not be vested in the owner or interest holder.002.07H Improvements on leased land shall mean any item of real property, such as buildings, fixtures, improvements, mobile homes, or cabin trailers, which are located on leased land or leased public land.002.08 Transfer Transfer shall mean any conveyance of beneficial interest in or legal title to real property evidenced by a deed.
002.09 Value Value shall mean:
002.09A In the case of any deed given for full actual consideration, value shall mean the amount of full actual consideration thereof, paid or to be paid. including the amount of any lien or liens assumed.002.09B In the case of a deed given for nominal consideration, or without stated consideration, value shall mean the current market value of the real property being transferred, as of the date of the deed.350 Neb. Admin. Code, ch. 52, § 002