Nebraska Tax Commission Reverses Douglas County’s Tax Valuations for Taxpayers’ Storage Units

The Nebraska Tax Equalization and Review Commission issued a decision reversing the Douglas County Board of Equalization’s determinations regarding the taxable values of four commercial mini-storage properties owned by taxpayers for the tax years 2021 and 2022. These properties, operated as Milt’s Mini Storage facilities, are located in Omaha, and each contains multiple storage unit buildings, some of which feature climate control. The County Assessor had valued the properties using the income approach, relying on market data that included rents, vacancy rates, expenses, and capitalization rates. However, the taxpayers provided appraisal reports prepared by a certified appraiser who used both ...