Change provisions relating to the assessment of real property that suffers significant property damage

LB 501 adjusts property tax assessments for real property damaged by disasters like fires, floods, or tornadoes. It directly affects property owners whose homes or land suffer significant damage (exceeding 20% of assessed value) after January 1, 2019, excluding damage caused by the owner. The bill requires owners to report damage to county assessors by July 15, triggers a county review by July 20, and mandates that the county board of equalization adjust the property’s assessed value to what it was *before* the disaster occurred. This ensures affected properties are taxed based on their pre-damage value for the current year only, without requiring new property appraisals.