Posted 1 year ago
By John Axtell
TERC…the Nebraska Tax Equalization and Review Commission…is meeting today in Lincoln with an agenda that includes a request from the state Department of Revenue to increase valuations in one of the four market areas of Dawes County.
County Assessor Lindy Coleman says the revenue department wants to boost valuations in Market Area One, essentially the northern half of the county, by 16% on top of the roughly 20% increase she’s already given it.
State law requires that valuations be based on sales, but with ag land valued at between 69-and-75% of market value. Coleman currently uses 70% and says the department’s proposal would go beyond the allowed range and require a waiver from TERC.
At the core of the issue is the rolling 3-year window of sales used to calculate market value. Coleman says several lower-priced sales go out of the formula next year, replaced by steadily rising prices…with the revenue department proposing higher valuations this year to lessen the expected jump next year.
Coleman expects to know by the end of the day whether TERC agrees with the department, agrees with her, or takes a middle position