Proposal would set taxable values for Nebraska farm and horticultural land

The proposal would value taxable agricultural and horticultural land at 75% of actual value before January 1, 2027, and 50% on or after that date. This covers taxable agricultural and horticultural land as defined in state law. Land that qualifies for special valuation would use the same shares of its special value. For school district taxes on bonds approved by voters on or after January 1, 2022, the 50% share would apply before January 1, 2027, too. The 75% share applies before January 1, 2027; the 50% share applies on or after that date, with the stated school bond exception.

The proposal would set ranges for the state commission to use when checking property values, including ranges for agricultural and horticultural land. The ranges guide the commission when it adjusts property values across counties and taxing authorities. Before January 1, 2027, the range would be 69% to 75%, or 44% to 50% for school district taxes on bonds approved by voters on or after January 1, 2022. For land receiving special valuation, the ranges apply to its special value instead of its actual value. The 69% to 75% range applies before January 1, 2027; the 44% to 50% range applies on or after that date, with the stated school bond exception.