Grand Island Independent on June 19: Valuing agricultural land at lower rate not the answer to property tax challenges
As the Legislature recently concluded the 2015 session, a measure to reduce the taxable value of agricultural land remained stalled in the Revenue Committee amid lawmaker sentiment that it is not the best answer to Nebraska’s property tax challenges.
Our research shows the sentiment is warranted.
The proposal would cause large revenue shortfalls for schools and other localities. Furthermore, the largest tax cuts under the measure would not go to the most rural parts of Nebraska, but rather to farmers and ranchers near urban areas where the lost agricultural property tax revenue can be made up with higher taxes on nearby business and residential properties.