LINCOLN, Neb. (AP) -- Authorities say bigger tax bills could follow higher land valuations in Nebraska.
The Nebraska Revenue Department has reported an overall 12.45 percent increase in the state's property valuations for 2014, pushed by a jump of more than 29 percent in agricultural land valuations. The department report is based on 2014 property abstracts of assessments filed by assessors in Nebraska's 93 counties.
Creighton University economist Ernie Goss stated that property tax increases just raise farmers' and ranchers' costs of production but don't add anything to their bottom lines.
Local taxing bodies will have to decide whether the increased valuations will lead to any changes in local tax rates.