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FOR IMMEDIATE RELEASE

FOR INFORMATION, CONTACT:
Ruth A. Sorensen, Property Tax Administrator
Property Assessment Division
402-471-5962

Real Property Value Percentage Change 2017-2018

May 4, 2018 (LINCOLN, NEB.) — The Nebraska Department of Revenue, Property Assessment Division, has processed the 2018 Real Property Abstracts of Assessment filed by the 93 Nebraska county assessors. The analysis indicates that real property valuations have increased 2.04% from 2017 to 2018, resulting in an increase in valuation of approximately $4.6 billion. The values of the primary classes of real property as shown on the attachment indicate the following changes for the state:

• Residential Property values with newly constructed property increased +5.40%

• Commercial Property values with newly constructed property increased +6.94%

• Agricultural land values decreased -2.77%

The real property value percentage change by property type is based on the total real property reported in each county. The real property value of individual property in each county may not be affected by the same percentage change.

Real property valuations are set by the county assessors and are subject to review during the statewide equalization proceedings before the Tax Equalization and Review Commission. Real property valuation change notices will be mailed on or before June 1, 2018 to real property owners who had real property values that increased or decreased from 2017 to 2018.

Increases to real property valuations will result in an increase of tax revenue for local government subdivisions to spend if a corresponding reduction in tax levies is not made. Spending and budgeting decisions are made by local government subdivisions based on the amount of property taxes generated and their fiscal needs.

The final budgets must be approved by September 20 of each year. Tax rates must be determined by October 15 of each year.

Attached to this news release is the real property percentage change by county and by major property type. This news release and attachment are available at revenue.nebraska.gov/PAD.

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