Nebraska Top Court Allows Using Actual Income for Tax Valuation

Two Nebraska apartment complex owners convinced the state’s highest court on Friday that the value of their properties for tax purposes can be based on actual income because it was consistent with broader market data.

Because the assessments based on actual income were also backed by market data, the property owners’ preferred valuations “were not unreasonable or arbitrary,” Justice Jonathan J. Papik wrote for the Nebraska Supreme Court.

The decision puts to rest a dispute over the proper way to appraise rental properties in the state and whether the county assessor used a method that yielded accurate results.

Pinnacle Enterprises ...