LINCOLN, Neb. (AP) — Nebraska officials are taking steps to eliminate some of the factors that can drive up a property's value and tax liability.
The directive announced Tuesday targets premiums that are paid on land due to special circumstances, such as tax advantages or agricultural land that's used for recreational purchases. Because values are set based on comparable sales of nearby property, the premiums can affect how surrounding land is valued and the taxes owed.
Gov. Pete Ricketts says the directive from the Department of Revenue will clarify how county assessors should handle such property to ensure the market isn't distorted.
State officials say it's difficult to know how exactly the directive will affect assessments, but it's designed to prevent improper increases caused by quirks in the marketplace.
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