Ag land valuation change clears committee
The Legislature’s Revenue Committee on Tuesday advanced a bill that would change the way agricultural land is valued for property tax purposes.
The proposal (LB483), authored by Sen. Steve Erdman of Bayard, cleared the committee on a 6-1 vote.
Under terms of the legislation, agricultural land would be valued on a productivity-based system rather than the current market-based system.
“This is not a bill for property tax relief,” Erdman said in presenting the bill to the committee in February.
“LB483 requires that total agricultural land valuations in 2020 match total agricultural land valuations for 2019,” he said.
“Thereafter, agricultural land valuations will be governed by an eight-year average of commodity prices, preventing sudden surges in valuations up or down.”