Agricultural Economics Department
Date of this Version
5-1-2002
Abstract
In Nebraska, land and buildings are valued at their fair market value for purposes of property taxation. Residential and commercial real estate is valued at 92- 100 percent of actual value (i.e. farm market value) and agricultural real estate is valued at 74-80 percent of actual value. NRS 77-5023(3). Fair market value for property tax valuation purposes may be determined by (1) comparative sales, (2) income, or (3) cost. NRS 77-112. In Livingston v Jefferson County Board of Equalization, 10 Neb App 934 (2002), the Nebraska Court of Appeals ruled that the county board of equalization erred in not considering a rural residence’s proximity to a swine farrowing facility in determining the residence’s valuation.
Comments
Published in Cornhusker Economics, 05/01/2002. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska–Lincoln.
http://www.agecon.unl.edu/Cornhuskereconomics.html