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G a t e w a y F a rm E x p o October 31, 2013 Volume 17 Issue 22
Property Tax Assessment Trends and Tax Implications
Check out our Agstuff Classifieds Pages 14-19
Gateway Farm Expo . . . . . . . . . . . . . . . . . . . . B1-20
Weather . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2
Country Living House Plan . . . . . . . . . . . . . . . . . . A3 Recipes . . . . . . . . . . . . . . . . . . . . . . A5
The Lighter Side Lee Pitts . . . . . . . . . . . . . . . . . . . . . A4
Markets Bruce Johnson, Professor & Jim Jansen, Research Associate from the Department of Agricultural Economics, University of NebraskaLincoln Sticker shock probably could best describe Nebraska agricultural property owners’ reaction when they opened the county assessor’s letter and read the new 2013 valuation. With few exceptions, the assessed valuations on agricultural land have climbed rapidly for several years – a clear reflection of the fact that in Nebraska, agricultural land is assessed according to a set percentage of market value. With Nebraska being at the epicenter of a bullish United States agricultural land market in
recent years, it is inevitable that those increases have come to bear on assessed values for property tax purposes. But sticker shock may also be one’s reaction to how the agricultural land assessment trends compare with valuation of other real estate classes that constitute the basis of our property tax system. Going back over ten years of data maintained by the Nebraska Department of Revenue, Property Assessment Division, we have tracked the agricultural land class share of total annual increase in assessed valuation for the entire state (Figure 1). A decade ago, the agricultural land share of annual increase in valuation was less than 25 percent. But starting in 2008,
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with the onset of a serious national recession, a dramatic shift occurred. Even though Nebraska was spared the full brunt of the recession, the state’s residential and commercial/ industrial real estate values were no longer rising and frequently
Grains . . . . . . . . . . . . . . . . . . . . . . . A8 Livestock. . . . . . . . . . . . . . . . . . . . A13
Government Report Government Report . . . . . . . . . . . . A6
Ag Management NARD Says Water Supply Could Be Preserved . . . . . . . . . . . . . . . . . . .B15
Livestock News Heartland Cattle . . . . . . . . . . . . . A12
Production News Nebraska Corn Looks Great . . . . . B8
Schedule of Events Continued on page 7
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MARKET GLANCE Livestock and Products, Weekly Average
Crops, Daily Spot Prices Year Ago 4 Wks Ago 10/18/13
Nebraska Slaughter Steer 35-65% Choice, Live Weight . . . . . . . . . . . . . . .$126.72 125.23 * Nebraska Feeder Steers, Med. & Large Frame, 550-600# . . . . . . . . . . . .162.21 183.84 189.12 Med & Large Frame, 750-800 # . . . . . . . . . . . . . . .146.00 161.01 169.19 Choice Boxed Beef, 600-750# Carcass . . . . . . . . . .195.65 192.94 Western Corn Belt Base Hog Price . . . . . . . . . . . . . .81.99 94.94 91.26 Feeder Pigs, National Direct, 50#, FOB . . . . . . . . . . . .* * * Pork Carcass Cutout, 185#, 51-52% Lean . . . . . . . .88.24 97.80 95.26 Slaughter Lambs, Ch. & Pr.,Heavy, SD Dir. . . . . . . . .92.38 125.18 * Nat. Carcass Lamb Cutout, FOB . . . . . . . . . . . . . . .306.48 280.82 300.48
Wheat, No. 1, H.W. Imperial, bu . . . . . . . . . . . . . . . . .8.29 Corn, No. 2, Yellow, Omaha, bu . . . . . . . . . . . . . . . . .7.56 Soybeans, No. 1 Yellow Omaha, bu . . . . . . . . . . . . . .15.28 Grain Sorg. No. 2 Yellow, Dorchester, cwt . . . . . . . . .12.79 Oats, No. 2, Heavy Minneapolis, MN, bu. . . . . . . . . . .4.09
6.59 4.86 13.15 7.34 3.34
7.30 4.26 12.46 7.25 3.53
* 140.00 132.50 215.75 75.25
250.00 145.00 122.50 205.00 63.00
Hay (per ton) Alfalfa, Lrg. Sq. Bales Good to Prem., NE Neb. . . . . .237.50 Alfalfa, Lrg. Rounds, Good, Platte Valley, . . . . . . . . .215.00 Grass Hay, Lrg. Rounds, Premium, Neb., . . . . . . . . .190.00 Dried Distillers . . . . . . . . . . . . . . . . . . . . . . . . . . . . .280.00 Wet Distillers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103.50 * No market.
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