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 March 20, 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.
002.09 Owner
Owner shall mean an owner of record of agricultural or horticultural land or the purchaser of agricultural or horticultural land under a contract for sale.
002.10 Lessee for purposes of Neb. Rev. Stat. Sections 77-1343 through 77-1348, shall mean a person leasing agricultural or horticultural land from a state or governmental subdivision which is an owner that is subject to taxation under Neb. Rev. Stat. Section 77-202.11.
002.11 Applicant for purposes of Neb. Rev. Stat. Sections 77-1343 through 77-1348 shall mean the owner or lessee that is responsible for paying the property taxes levied on the land.
002.12 Parcel
Parcel shall mean a contiguous tract of land under the same ownership and in the same tax district and section. Parcel may include all lots in a block that belong to the same owner and are in the same tax district. Parcel shall also mean an improvement on leased land (IOLL). A parcel cannot contain more than one section.
002.13 Commercial production
Commercial production shall mean agricultural and horticultural products produced for the primary purpose of obtaining a monetary profit.
