County’s valuation set to increase

HARTINGTON – More than 7,500 Cedar County residents received notice their property values are changing this year.

Cedar County Assessor Becky Dresden said the notices were mailed last week and sent to every owner with a change in value whether an increase or decrease.

She expects there to be an overall increase in value for Cedar County property but the numbers are still preliminary.

“Cedar County is not alone in increases this year,” Dresden said. “Surrounding counties are also seeing valuation increases this year.”

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 - including 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 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.

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 68-75 percent of what sales are showing while the range for residential and commercial property is placed at 92-100 percent of 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.

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, Dresden said. Bryan Hill of Lake Mac Assessment in

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 increased and are set using the last two years of sales.

Certification of the values will be be mailed to each political subdivision by Aug. 20.