John Anderson, an economics professor at the University of Nebraska-Lincoln, said that adopting a “use/value” approach in valuing ag land — as advocated by Gov. Seward Sen. Jana Hughes, who moderated the property tax discussion, joked that no solutions were reached Tuesday. Lang said that, for example, a cap of 3% would help one property owner who saw their land valuation increase by 8% but wouldn’t help a neighbor whose property valuation went up only 2.5%. Ag land was once valued based on 80% of its market value, but that was reduced,and now stands at 75%. A bigger issue confronting state government, she said, is to decide which taxes — state or local — finance certain governmental services.

Source: Forbes October 25, 2023 06:16 UTC