Cedar County sees another increase in property valuation

HARTINGTON – Cedar County’s total property valuation for 2023 was tabulated and sent to budget-setting entities in late August.

County Assessor Becky Dresden noted there was an overall increase in value for property across the county.

This year's total valuation came in at more than $2.8 billion, which includes real estate, agricultural land and personal property. Last year's total valuation was more than $2.6 billion.

A raise in valuation does not necessarily mean there will be an increase in taxes for property owners.

The tax rate or levy is set after budgets have been submitted each August. If budget requests increase, taxes will be raised.

State law mandates the assessed value on property must fall within a range – or required level of value – established by the Nebraska Legislature.

The statute states agricultural land has to be valued between 69 to 75 percent of what the sales are showing while the range for residential and commercial property is placed at 92 to 100 percent of the sales.

The selling price is recorded when a property is sold and the deed is recorded. The county assessor’s office then records the assessed value and a copy is submitted to the Nebraska Department of Revenue.

Residential property values – which have increased across the county – are set using the last two years of sales.

Agricultural land and commercial property values are both set using sales from the previous three years.

Commercial values across the county did not see an increase other than in apartment complexes.

Dresden said there were several sales of apartment complexes during the last three years, so those had to be re-evaluated.

This year in agricultural values, irrigated land values saw an increase from anywhere from 2 percent to 10 percent and dryland values increased across a range from 9 percent to 16 percent.

Grassland values increased by 5 percent and tree-covered land values increased by 8 percent.

Certification of the total values for the year were mailed to each political subdivision by Aug. 20.