Bill > LB814

This bill amends existing Nebraska law concerning the valuation of agricultural and horticultural land for property tax purposes. Specifically, it changes the percentage of "actual value" (the market value of the property) or "special valuation" (a specific valuation method for certain agricultural and horticultural land) that is used for taxation. Currently, agricultural and horticultural land is valued at 75% of its actual or special value, with a lower rate of 50% for specific school district taxes. This bill will gradually reduce that percentage, so that before January 1, 2027, it will remain at 75% (or 50% for the specified school district taxes), but on and after January 1, 2027, it will be reduced to 50% of its actual or special value. The bill also adjusts the acceptable ranges for property valuation set by the commission to align with these changes, ensuring that the valuation of agricultural and horticultural land falls within a defined percentage of its actual or special value. Finally, the bill repeals the original sections of law that are being amended.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63258