In the wake of recent tornadoes that have impacted our Nebraska communities, many property owners face the daunting task of rebuilding and repairing. Lutz is here to ensure you have the support you need. One important resource for those affected is Form 425, which can offer financial relief through a property value adjustment.

Form 425: Report of Destroyed Real Property

Form 425, officially known as the "Report of Destroyed Real Property," is issued by the Nebraska Department of Revenue. It's designed to help property owners suffering significant damage due to natural disasters. If your property has incurred damage that equals or exceeds 20% of its assessed value, you may be eligible for a value adjustment that could reduce your tax burden.

Steps to Filing Form 425

Filing Form 425 involves a few key steps:

1. Complete the Form for Each Parcel: Each parcel of land that has experienced significant damage needs its own form.
2. Submit by Deadline: Property owners must file the completed form by July 15, 2024, to qualify for the adjustment for the current tax year.
3. File with County Officials: The form must be filed with both the county assessor and the county clerk. In Douglas County, you can submit the form via email to form425@douglascounty-ne.gov, and both offices will receive it.

Questions & Assistance

We understand the critical nature of these times and the immense pressure they can place on families and businesses. For more details, view the Douglas County Information Guide.