Legislation introduced in the Nebraska Unicameral last week would change how the state values farm and ranchland. The measure is Governor Pete Rickett’s plan to make the process fairer and more stable. Nebraska Farm Bureau Senior Economist Jay Rempe says LB 338 if passed would change how ag land valuations are figured from it presently being based on market prices to an income capitalization formula.

However, he says the legislation doesn’t really do anything to bring down property taxes, which is the major problem being faced by Nebraska’s farmers and ranchers.

Rempe says there are many positives with LB 338, with prime benefit being a more stable tax system.

Rempe says his group will continue to work with the Governor and lawmakers to pass legislation to bring property taxes down.