Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 350 - Nebraska Department of Revenue, Property Assessment Division › Chapter 11 - Agricultural or Horticultural Land Special Valuation Assessment Regulations › Section 350-11-002 - DEFINITIONS

Current through June 17, 2024
002.01 Additional taxes
Additional taxes shall mean the amount of potential tax
				  liability constituting the difference between real property taxes due as a
				  result of the special valuation assessment and taxes which would have been due
				  had the land been taxed at the recapture valuation.
002.02 Actual value
Actual value shall mean the market value of real property in
				  the ordinary course of trade. It is the most probable price expressed in terms
				  of money that a property will bring if exposed for sale in the open market in
				  an arm's length transaction between a willing seller and a willing buyer, both
				  of whom are knowledgeable concerning all the uses to which the real property is
				  adapted and for which it is capable of being used. Actual value may be
				  determined using professionally accepted mass appraisal methods, including, but
				  not limited to, the (1) sales comparison approach, (2) income approach, and (3)
				  cost approach.
002.03
				Special valuation
Special valuation shall mean the actual value of the land if
				  the land were available only for agricultural or horticultural purposes or uses
				  without regard to any other purpose or use to which the land may be
				  used.
002.04 Special
				valuation assessment
Special valuation assessment shall mean seventy-five (75)
				  percent of the special valuation.
002.05 Recapture valuation
Recapture valuation shall mean the actual value of the
				  land.
002.06 Recapture
				valuation assessment
Recapture valuation assessment shall mean eighty (80) percent
				  of the recapture valuation for tax years 2006 and 2005. For tax year 2007 and
				  thereafter the recapture valuation assessment shall mean seventy-five (75)
				  percent of the recapture valuation.
002.07 Agricultural land and horticultural
				land is a parcel of land primarily used for agricultural or horticultural
				purposes. This includes wasteland lying in or adjacent to and in common
				ownership or management with other agricultural and horticultural land.
				Agricultural land and horticultural land does not include any land directly
				associated with any building or enclosed structure.
002.08 Agricultural and horticultural
				purposes
Agricultural and horticultural purposes shall mean used for
				  the commercial production of any plant or animal product in a raw or
				  unprocessed state that is derived from the science and art of agriculture,
				  aquaculture, or horticulture.
002.08A
				Agricultural or horticultural purposes includes land retained or protected for
				future agricultural or horticultural purposes under a conservation easement as
				provided in the Conservation and Preservation Easements Act, except when the
				parcel or a portion thereof is used for purposes other than agricultural or
				horticultural purposes.
002.08B
				Agricultural or horticultural purposes also includes land enrolled in a federal
				or state program in which payments are received for removing such land from
				agricultural or horticultural production.
002.08B(1) Land encumbered by an easement
				under the Wetlands Reserve Program cannot be used for agricultural or
				horticultural purposes and therefore cannot be characterized as agricultural or
				horticultural land and must be valued at its actual value.