HARTINGTON - More than 7,500 Cedar County residents received notices that their property values are changing this year.
Cedar County Assessor Becky Dresden said the notices were mailed last week and sent to every property owner with a change in value whether that was an increase or decrease.
She expects there to be an overall increase in value for Cedar County property although the numbers are still preliminary.
“Cedar County is not alone in increases this year,” Dresden said. “Surrounding counties are also seeing valuation increases.”
The pre-certified real estate value is more than $2.4 billion but that amount does not include personal property. For comparison, last year’s certified total value - which included real estate, agricultural land and personal property - came in at $2.5 billion.
A raise in valuation does not necessarily mean there will be an increase in property taxes. The tax rate levy is set after budgets from all county taxing entities have been submitted. 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 Legislature. The statute states agricultural land has to be valued between 68-75 percent of what the sales are showing while the range for residential and commercial property is placed at 92-100 percent of the sales.
The selling price is recorded when a property is sold and the deed is recorded. The assessor’s office then records the assessed value and a copy is submitted to the Nebraska Department of Revenue.
Through the Tax Equalization and Review Committee it was determined a reappraisal of commercial property was needed in 2021 to meet the required level of value set by the state. Those new values lead the way for the overall increase in county valuation this year, she said.
Bryan Hill of Lake Mac Assessment in Ogallala was hired to help re-appraise the commercial properties in the county and adjustments were made.
Commercial property sales from the previous three years are used to set values which is the same process used to set agriculture land values.
This year irrigated land values increased from 3 percent to 10 percent, and dryland and grassland values increased from 1 percent to 2.5 percent. Residential values also in
Residential values also increased. Values are set using the last two years of sales. Certification of the values will
Certification of the values will be mailed to each political subdivision by Aug. 20.