All property not exempt is subject to taxation upon its actual value. Stock of merchandise is valued at actual value. Podewitz v. Gering Nat. In 1959, all tangible property was required to be assessed at thirty-five percent of its actual value. The cost of a stock of merchandise is not its actual value.
Actual value means value in the market in the ordinary course of trade.
Property was valued and assessed at its actual value. State board should value and assess property at its actual value in ordinary course of trade. Property is required to be assessed at its actual value. All property of a city of the second class must be assessed at its actual valuation. Evidence of sale price of other farm lands was not admissible to prove fair market value.