Nebraska panel advances farmland property tax measure
LINCOLN, Neb. (AP) — A bill that would tie farmland property taxes to the value of commodity prices is headed to the full Nebraska Legislature for debate.
Members of the Revenue Committee voted 6-1 on Tuesday to advance the measure.
The bill by Sen. Steve Erdman, of Bayard, is designed to dampen the sharp increases in property taxes farmers and ranchers have experienced over the last decade. Property taxes have risen even though farm incomes declined because of low crop prices, putting a major squeeze on agriculture, the state’s largest industry.
Supporters say other neighboring agriculture states use a valuation system similar to what’s proposed in the bill.