Gov. Ricketts Unveils Analysis Showing Tax Proposal’s Impact
Taylor Gage, 402-471-1970
Eric Maher, 402-471-1974
Analysis shows LB338 would dramatically slow the rate of growth in ag property tax valuations.
WEST POINT – Today, Governor Pete Ricketts unveiled a new analysis of LB338, an ag land property tax reform proposal introduced by Senator Lydia Brasch of Bancroft. The analysis shows that total ag land valuations statewide would have grown about $61 billion less over the last 10 years if this proposal had been in place.
“This analysis confirms that the Agricultural Valuation Fairness Act would provide long-term, structural reform,” said Governor Ricketts. “The massive spike we’ve seen in ag land valuations has been a key driver of high property taxes. Controlling the growth of valuations will protect Nebraska’s farm and ranch families, and build a bright future for Nebraska’s number one industry, agriculture.”
Since 2007, ag land valuations have increased 251.83 percent. The analysis conducted by the Nebraska Department of Revenue shows that ag land valuations would have only grown 36.29 percent had LB338 been in place.
“As an ag producer, I have prioritized LB338 because it will make structural changes to property taxes to help grow agriculture in Nebraska,” said Agriculture Committee Chairwoman Lydia Brasch of Bancroft. “Nebraskans who want to see meaningful property tax reform this year should reach out to their senators to share their stories with them.”
LB338 proposes to change the way ag land is valued for taxation purposes, moving from a market sales valuation system to one based on income potential. Learn more about LB338 by clicking here. Information on how to contact your senator can be found at www.NebraskaLegislature.gov.