(Neb)-Neb Ag Land Values Fall Nearly 3%
LINCOLN, Neb. (AP) - The Nebraska Department of Revenue says the assessed value of farmland in the state dropped in 2017, the second straight year of decline after nearly a quarter-century of increases. Last year's drop was 2.8% compared to just 15-hundreths of 1% in 2015.
Experts say the lower agland values follow price declines for corn, soybeans, beef and other commodities over the past few years.
Eric Thompson, director of the UNL Bureau of Business Research, sees the decline as rebalancing after farmland values were at "unusually high levels" early this decade.
Lower assessed values mean lower property taxes if the taxing entity's mill rate stays the same, but farmer Craig Weber says a modest drop in farmland values won't bring extensive property tax relief to producers..
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