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ONE HUNDRED NINTH LEGISLATURE
SECOND SESSION
LEGISLATIVE RESOLUTION 459
Introduced by Dover, 19.
PURPOSE: The purpose of this resolution is to propose an interim study to
examine the assessment of agricultural land value based on potential income and
determine whether such method of assessment is the best way to properly assess
agricultural land. In conducting this study, the Revenue Committee of the
Legislature may confer with the Nebraska Farm Bureau, the University of
Nebraska-Lincoln, the Governor's Policy Research Office, and other stakeholders
with expertise in agricultural land assessment. This study shall include the
following:
(1) An examination of which other midwest and great plains states use the
potential income method of assessment for agricultural land, and the process of
such assessment by such states;
(2) A determination of the challenges faced by past legislation that
changed agricultural land assessment to the potential income method of
assessment;
(3) A determination of solutions that can be implemented to overcome
hurdles in passing legislation to change agricultural land assessment to the
potential income method of assessment;
(4) An examination of the unique challenges in Nebraska that makes
utilizing the potential income method of assessment for agricultural land more
difficult;
(5) A determination of the best source of information to evaluate the
potential income of agricultural land. Some examples of such information
sources being the three-year trend analysis of rents within geographically
similar areas based on weather conditions and soil types gathered from the
University of Nebraska–Lincoln Farm Real Estate Market Report, the University
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of Nebraska-Lincoln Nebraska Farmland Values and Cash Rental Rates, or Nebraska
Extension annual reports; and
(6) An examination of whether trend analysis is helpful in determining the
potential income of agricultural land.
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE ONE HUNDRED NINTH
LEGISLATURE OF NEBRASKA, SECOND SESSION:
1. That the Revenue Committee of the Legislature shall be designated to
conduct an interim study to carry out the purposes of this resolution.
2. That the committee shall upon the conclusion of its study make a report
of its findings, together with its recommendations, to the Legislative Council
or Legislature.
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