The taxable value of agricultural land in Nebraska rose 6.3 percent in 2023 compared to last year according to the Nebraska Department of Revenue (Figure 2). Residential property, excluding new growth, rose 14.3 percent. Commercial property, also excluding new growth, saw a 9.6 percent increase. This marks the third consecutive year taxable value for agricultural land has risen. Since 1993, growth in the taxable value of land has averaged 6.3 percent and declined in only four years, 2017-2020.
Figure 3 charts changes in taxable value of agricultural land by county. Perkins County saw the greatest gain this year compared to last, increasing 24 percent. Values in Dixon, Grant, Harlan, and Hooker Counties also rose by more than 15 percent. On the other hand, five counties saw reduced taxable values. Brown County netted the largest decline of 7.5 percent. A handful of counties saw only negligible increases in values.
The increases in value are not surprising. Under the sales comparison approach used to set taxable values, land transactions from the previous three years are considered.
Source: nefb.org
Photo Credit: gettyimages-sizsus
Categories: Nebraska, General