A Broken Record — Taxable Values Rise Again
Anyone who has listened to vinyl records knows that they tend to scratch, causing the needle to skip, trapping listeners in a tedious, annoying loop of repeating music. Agricultural land values in Nebraska are caught in the same repeating, and some might say annoying, loop. For the sixth consecutive year, the statewide total taxable value of agricultural land rose, repeating increases in 31 of the past 34 years (Figure 1). According to the Department of Revenue, the assessed value this year rose 6.7%, echoing increases of 14.5% and 11.2% in 2025 and 2024, respectively. Residential property, including new growth, rose 6.3% this year, while commercial property saw a 7.7% increase. The value of all real property rose 6.4%.
Figure 1. Annual Statewide Change in Assessed Value of Agricultural Land
The percentage changes in taxable values for agricultural land varied by county (Figure 2). Hitchcock County saw the largest spike, up 17.1%. Values in Howard and Valley Counties increased 16.1%, while Knox County saw an increase of 15.9%. In all, 19 counties saw double-digit growth. At the other end of the spectrum, eight counties saw either no growth or a slight decline in value, led by Wayne County with a decline of 1.3%.
Taxable values for this year were set using comparable land sales occurring between October 1, 2022, and September 30, 2025. USDA Economic Research Service figures show the average per acre value of land in Nebraska rose 11%, 7%, and 4% during those years, respectively. Likewise, the annual farm real estate survey by the Department of Agricultural Economics at the University of Nebraska-Lincoln indicated that land values were up 14% in 2023, 5.5% in 2024, and down 2% in 2025. So this year’s increases in taxable values appear to be in line with these reports.
Figure 2. Percentage Change in Assessed Value of Agricultural Land, 2026
What does the growth in values mean for property taxes? Historically, a strong correlation has existed between changes in taxable values and changes in property taxes. Since 1993, the growth in taxable value on agricultural land averaged 6.7% and the growth in property taxes averaged 4.6%. The correlation coefficient between the two is .77, signaling a strong, positive relationship. However, the correlation has weakened in recent years due to actions taken by the Legislature to reduce property taxes. December tax notices will signal whether the trend will continue for this tax year.
The broken record of rising taxable values will likely repeat another verse next year. But it’s likely the growth will be less compared with this year.