Property Values Way Up Here, In State

Nebraska Property Tax Administrator Ruth Sorenson explained to the Observer that there is a hefty increase in assessed values of residential properties across the state.

The state total for Residential & Recreational and AgResident percentage change was at 8.48%, according to a Nebraska Department of Revenue chart.

Some counties are registering significant increases. For example, Wheeler County has a 57.10% increase. Speaking to the Observer from Lincoln, Sorenson suggested that was probably due to a reappraisal. Hooker, Brown, and Boyd counties had more than a 20% increase.

Assessment action on residential property in Kimball County included an increase of 11% for all buildings/improvements in Kimball and 15% for Dix residential homes, buildings and garages. In addition, according to the R & O, the “first acre home site for all rural properties was increased from $10,000 to $15,000.

Sorenson explained to the Observer that “Nebraska is a market valued state” meaning in assessing property, the sales in each country are looked at, as well as added improvements that would increase the value or taking a building down, which would decrease the value.

Every year during April, Sorenson issues the “Reports and Opinions of the Property Tax Administrator.” This report is meant to “inform the Tax Equalization and Review Commission on the level of value and quality of assessment for real property in Kimball County.”

Ironically, the assessed value of commercial buildings in Kimball were decreased by 4%.

After a review of agricultural lands, no assessment action was taken by the Kimball County assessor.

A new commercial feedlot was located in Kimball County and the intensive use acres were assessed at $1,000 per ace, similar to feedlot in Banner County.

Valuation notices will be sent by mail in June with a letter to explain the increase in valuation.