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Posted on: December 20, 2022

Form Affecting Property Tax Liability Due Dec. 31

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If you own two or more vacant lots within the same subdivision (held for sale or resale), you may want to file a Vacant or Unimproved Lot Application (Form 191) with the Sarpy County Assessor's Office by the end of the year. Failing to file an application could result in property tax liability that may not be necessary.

The deadline to submit the form is December 31, 2022.

Once filed, the assessor will value your land using the income approach to value, including the use of a discounted cash-flow analysis as of Jan 1. The discount method recognizes that the lots take a period of time to sell and that the revenue stream will be generated over a period of time. 

Here are the property requirements for applying: 

  • two or more lots with the same ownership
  • held for sale or resale
  • in the same subdivision
  • in the same tax district 

If you do not file the Vacant or Unimproved Lot Application (Form 191) with the assessor by December 31, the discounted cash-flow analysis will not be considered when determining the assessed value of your land, and it will be valued at full market value. 

You can download Form 191 here and find additional instructions on Page 2 of the form: https://revenue.nebraska.gov/sites/revenue.nebraska.gov/files/doc/pad/forms/191_Vacant_or_Unimproved_Lot_Application.pdf

Return the form by:

Email: assessor@sarpy.gov
Fax: (402) 593-5911
Mail: Sarpy County Assessor, 1102 E. 1st Street, Suite 2, Papillion, NE 68046-2894 

If you have questions, please contact the Sarpy County Assessor's Office at 402-593-2122.

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