Skip to main content
Find a Lawyer

Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-120. Net book value of property for taxation, defined

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) Net book value of property for taxation shall mean that portion of the Nebraska adjusted basis of the property as of the assessment date for the applicable recovery period in the table set forth in this subsection.

NET BOOK VALUE AS A PERCENT OF NEBRASKA ADJUSTED BASIS

NET BOOK VALUE AS A PERCENT

OF NEBRASKA ADJUSTED BASIS

Year

Recovery Period (in years)

3

5

7

10

15

20

1

75.00

85.00

89.29

92.50

95.00

96.25

2

37.50

59.50

70.16

78.62

85.50

89.03

3

12.50

41.65

55.13

66.83

76.95

82.35

4

0.00

24.99

42.88

56.81

69.25

76.18

5

8.33

30.63

48.07

62.32

70.46

6

0.00

18.38

39.33

56.09

65.18

7

6.13

30.59

50.19

60.29

8

0.00

21.85

44.29

55.77

9

13.11

38.38

51.31

10

4.37

32.48

46.85

11

0.00

26.57

42.38

12

20.67

37.92

13

14.76

33.46

14

8.86

29.00

15

2.95

24.54

16

0.00

20.08

17

15.62

18

11.15

19

6.69

20

2.23

21

0.00

Net book value as a percent of Nebraska adjusted basis shall be calculated using the one-hundred-fifty-percent declining balance method, switching to straight line, with a one-half-year convention.

(2) The applicable recovery period for any item of property shall be determined as follows:

(a) Three-year property shall include property with a class life of four years or less;

(b) Five-year property shall include property with a class life of more than four years and less than ten years;

(c) Seven-year property shall include property with a class life of ten years or more but less than sixteen years;

(d) Ten-year property shall include property with a class life of sixteen years or more but less than twenty years;

(e) Fifteen-year property shall include property with a class life of twenty years or more but less than twenty-five years; and

(f) Twenty-year property shall include property with a class life of twenty-five years or more.

(3) Class life shall be based upon the anticipated useful life of a class of property and shall be determined by the Property Tax Administrator under the Internal Revenue Code.

(4) One-half-year convention shall be a convention which treats all property placed in service during any tax year as placed in service on the midpoint of such tax year.

(5) The percent shown for year one shall be the percent used for January 1 of the year following the year the property is placed in service.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-120. Net book value of property for taxation, defined - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-77-revenue-and-taxation/ne-rev-st-sect-77-120/

Read this complete Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-120. Net book value of property for taxation, defined on Westlaw. Westlaw subscription required.

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Nebraska Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard