Section 350-20-003 - CORRECTION PROCEDURE003.01 All personal property returns are required by law to be signed by the taxpayer or his or her agent. If a return is not signed, the assessor shall notify the taxpayer or agent in writing that they have until May 1 or within 10 days from the date of the notice, whichever is later, to sign the return or to file a properly signed corrected return. Upon the failure to sign the return, the unsigned return is presumed correct for tax purposes.003.02 The following procedures shall be followed if any change in valuation is made, omitted property is added to the personal property return, or the assessor lists and values all of a taxpayer's taxable personal property. 003.02A The assessor shall change the reported valuation of any item of personal property listed on the return and supporting schedules of any taxpayer to conform the valuation to taxable value. The assessor shall make this change to the valuation of any item of personal property, if warranted, for the current taxing period and the three previous taxing periods or any taxing period included therein.003.02B The assessor shall list any item of taxable personal property omitted from a personal property return. The assessor shall list and value the property for the current and three previous taxing periods or any taxing period included therein. The property shall be taxed at the same rate as would have been imposed if timely returned for taxation.003.02C If the taxpayer fails or refuses to file a personal property return, the assessor shall file a personal property return which shall list and value all of the taxpayer's taxable personal property. The assessor shall file such a return for the current tax period and three previous taxing periods or any taxing period included therein. The property shall be taxed at the same rate as would have been imposed if timely returned for taxation.003.02D For changes in valuation or additions of omitted property, the assessor shall send notice by first class mail to the last known address of the taxpayer on a form prescribed by the Tax Commissioner. The taxpayer shall be advised of the action taken, the penalty, and the rate of interest, if any. The notice shall also state the taxpayer's appeal rights and the appeal procedures.003.03 Whenever a person files an amended federal income tax return or his or her return is changed or corrected by the Internal Revenue Service or other competent authority and the amendment, change, or correction affects the Nebraska adjusted basis of the tangible personal property, such person shall file an amended list of taxable tangible personal property with the assessor. The person shall file the amended list within 90 days of the filing of the amended federal return or within 90 days of the date the change or correction becomes final. No amended list shall be filed or accepted by the assessor until the person requesting the change to the Nebraska adjusted basis provides proof that the federal adjusted basis was amended for federal income tax purposes. 003.03A If the amendment, change, or correction results in tangible personal property becoming exempt or reduces the net book value of the property for an income tax year, the person may file a written claim for a refund of property tax paid relating to the federal income tax changes with the county treasurer. If the amended list and the claim for refund are filed within the 90 day period, the claim shall be considered as timely filed notwithstanding any other provision of law regarding the period during which refunds could otherwise be claimed. The claim shall be processed according to Neb. Rev. Stat. Section 77-1734.01.003.03B If the amendment, change, or correction results in an increase in the net book value of the tangible personal property or makes other tangible personal property taxable, the assessor shall compute the additional tax due, along with interest, based on the amended listing. Interest shall be computed from the dates the tax would have been delinquent if the property had been listed on or before May 1 of the appropriate year. If the amended listing is filed within the 90-day period, no additional penalties shall be added. If the listing is not filed within the 90-day period, the property shall be treated as undervalued or omitted property.003.04 Protests and Appeals 003.04A The taxpayer may protest the action of the assessor, either as to the valuation of the property or the penalties imposed, to the county board of equalization within 30 days of the date the notice of change in value, omitted property, failure to file, or assessment of penalty was mailed by the assessor. The taxpayer shall file the protest with the county clerk in the manner prescribed in REG-20-002. The action of the assessor shall become final unless a protest is filed within the time prescribed.003.04B Upon ten days notice to the taxpayer, the county board of equalization shall set a date for hearing the protest of the taxpayer. The county board shall make its determination on the protest within 30 days after the hearing date. The county clerk shall within seven days of the determination of the county board send notice to the taxpayer and assessor, on forms prescribed by the Tax Commissioner of the action of the county board.003.04C Appeal may be taken within 30 days after the decision of the county board of equalization to the Tax Equalization and Review Commission pursuant to Neb. Rev. Stat. Section 77-5013. 003.04C(1) No appeal shall in any manner suspend the collection of any tax or the duties of officers relating thereto during the pendency of the appeal, and all taxes affected thereby, which may be collected, shall be distributed as though no appeal were pending.003.04C(1) If by final order of the Commission, it is determined that such tax or a part thereof should be refunded, the county treasurer is authorized to make the refund upon receiving a certified copy of such final order.003.05 Penalties 003.05A If any person shall make a false or fraudulent schedule or return required by law, or shall willfully fail or refuse to deliver to the assessor a list of the taxable property which by law is required to be listed, or shall temporarily convert any part of such property into property not taxable for the fraudulent purpose of preventing such property from being listed and of evading the payment of taxes thereon, or shall transfer or transmit any property to any person with such intent, he or she shall be guilty of a Class II misdemeanor.003.05B Any return filed by the assessor or taxpayer or value added by the assessor or taxpayer to a return previously filed, between May 2 and on or before July 31 of the year in which the property was required to be reported, shall have a penalty of ten percent of the tax due on the value added. For purposes of this regulation value added shall include the total taxable value of a return filed between May 2 and July 31 of the year the return was required to be filed. Interest at the rate specified in 45-104.01 shall be assessed upon such penalty from the date of delinquency of the tax until paid.003.05C Any return filed by the assessor or taxpayer or value added by the assessor or taxpayer to a return previously filed on or after August 1 of the year the property is required to be reported, shall have a penalty of twenty-five percent of the tax due on the value added. For purposes of this regulation value added shall include the total taxable value of a return filed on or after August 1 of the year the return was required to be filed. Interest at the rate specified in Neb. Rev. Stat. Section 45-104.01 shall be assessed upon such penalty from the date of delinquency of the tax until paid.003.06 The county board of equalization shall have no authority to waive or reduce any penalty and interest, which was correctly imposed. The entire penalty and interest shall be waived if the reason for the omission was that the property was reported in the wrong taxing district.003.07 When valuation changes are made on a personal property return, the assessor shall correct the assessment roll, and tax list, if necessary, to show the changes. The corrections shall be made for the current and three previous tax years or any tax year therein. If the change results in a decrease in the taxable value upon which the tax has been paid, the taxpayer may request a refund as prescribed in Neb. Rev. Stat. Section 77-1734.01, except the claim shall be made within three years of the date the taxes were due.003.08 Taxes and penalties assessed for the current year, if not delinquent, shall be certified to the county treasurer and collected as if the property had been properly reported for taxation. Delinquent current taxes and taxes and penalties assessed for prior years shall be certified to the county treasurer, and the tax, penalties, and interest thereon shall be due and collectible immediately. Certification shall be made by the assessor.350 Neb. Admin. Code, ch. 20, § 003