Broker Price Opinions
The Nebraska Legislature recently passed LB 375, which allows real estate agents and brokers to give Broker Price Opinions (BPO), also known as Comparative Market Analysis and Broker Opinion of Value, for purposes of tax valuation appeals. The bill was signed into law by Governor Pete Ricketts on May 4, 2015.
In the past, real estate agents and brokers were allowed to provide a BPO only for the purpose of providing a prospective seller or buyer information rendered with respect to the sale of the real estate involved, and only for a sales commission or fee. They could also provide BPOs for certain loan transactions.
Now brokers will be able to provide BPOs for clients wishing to appeal their tax valuation, and the brokers can charge a fee for this service.
For questions or comments about legislative issues, please contact John Dickerson at 402.778.7521. John is the current President of the Nebraska Association of Commercial Property Owners.
This article appeared in our quarterly newsletter from June of 2015. The full newsletter is available at http://files.investorsomaha.com/download/online_newsletter_6-2015.pdf