42-13302

42-13302. Determining limited value in cases
of omissions and changes

A. In the following circumstances the limited property value shall be
established at a level or percentage of full cash value that is comparable to that of
other properties of the same or similar use or classification:

1. Property that was erroneously totally or partially omitted from the property tax
rolls in the preceding tax year.

2. Property for which a change in use has occurred since the preceding tax year.

3. Property that has been modified by construction, destruction or demolition since
the preceding valuation year.

4. Property that has been split, subdivided or consolidated from January 1 through
September 30 of the valuation year, except for cases that result from an action initiated
by a governmental entity.

B. In the case of property that is split or consolidated after September 30 through
December 31 of the valuation year, except for cases that result from an action initiated
by a governmental entity, the total limited property value of the new parcel or parcels
shall be the same as the total limited property value of the original parcel or parcels.
For the following valuation year, the limited property value shall be established at a
level or percentage of full cash value that is comparable to that of other properties of
the same or similar use or classification. The new parcel or parcels shall retain the
same value-adding characteristics that applied to the original parcel before being split
or consolidated, except as provided in subsection A, paragraph 3 of this section.

C. In the case of property that was split, subdivided or consolidated from January
1 through September 30 of the valuation year as a result of an action initiated by a
governmental entity, the limited value is the lower of either:

1. The level or percentage of full cash value that is comparable to that of other
properties of the same or similar use or classification.

2. The total limited value for the original parcel or parcels as determined under
section 42-13301, and in the following valuation year, the limited property value shall
be established pursuant to section 42-13301.

D. In the case of property that was split, subdivided or consolidated after
September 30 through December 31 of the valuation year as a result of an action initiated
by a governmental entity, the total limited value for the resulting parcel or parcels is
the same as the total limited value for the original parcel or parcels as determined
under section 42-13301, and in the following valuation year, the limited property value
shall be established as the lower of either:

1. The level or percentage of full cash value that is comparable to that of other
properties of the same or similar use or classification.

2. The limited property value established pursuant to section 42-13301.