How is agriculture land valued?

The theory of valuation for agricultural or horticultural land is no different than any other property. It is the fair market value of the land. The difference lies in the assessment level. The Nebraska Constitution states that agricultural/horticultural land must be assessed at 75% of its fair market value.

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1. What does my property valuation represent?
2. How does the Assessor arrive at this valuation?
3. How do I know when my property valuation has changed?
4. How is agriculture land valued?
5. How are taxes calculated?