This bill amends sections 77-201 and 77-5023 of the Revised Statutes Cumulative Supplement, 2024, to modify the valuation of agricultural and horticultural land for taxation purposes in Nebraska. Specifically, it establishes a phased approach to property valuation, where agricultural land will be valued at seventy-five percent of its actual value until January 1, 2027, and then at fifty percent thereafter. Additionally, for school district taxes related to bonds approved after January 1, 2022, this land will be valued at fifty percent of its actual value during the same timeframes. Similar provisions apply to agricultural land with special valuation, which will also transition from seventy-five percent to fifty percent of its special valuation over the same period.

The bill further defines acceptable ranges for property valuation, stating that agricultural land should fall within sixty-nine to seventy-five percent of its actual value before January 1, 2027, and forty-four to fifty percent thereafter. The same ranges apply to lands receiving special valuation. The bill aims to harmonize these provisions and repeals the original sections 77-201 and 77-5023, thereby updating the legal framework governing property taxation in Nebraska.

Statutes affected:
Introduced: 77-201, 77-5023