Neb. Rev. Stat. » Chapter 77
Nebraska Revised Statutes

Neb. Rev. Stat. § 77-112 (2026)

Actual value, defined

✓ current as of July 2026
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Actual value of real property for purposes of taxation means the market value of real property in the ordinary course of trade. Actual value may be determined using professionally accepted mass appraisal methods, including, but not limited to, the (1) sales comparison approach using the guidelines in section 77-1371, (2) income approach, and (3) cost approach. Actual value is the most probable price expressed in terms of money that a property will bring if exposed for sale in the open market, or in an arm's length transaction, between a willing buyer and willing seller, both of whom are knowledgeable concerning all the uses to which the real property is adapted and for which the real property is capable of being used. In analyzing the uses and restrictions applicable to real property, the analysis shall include a consideration of the full description of the physical characteristics of the real property and an identification of the property rights being valued.

Notes of Decisions
Cited in 87 cases (6 in the last 5 years), 1953–2025 · leading case: Betty L. Green Living Trust & Richard R. Green Living Trust v. Morrill Cnty. Bd. of Equal., 299 Neb. 933 (Neb. 2018).
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Betty L. Green Living Trust & Richard R. Green Living Trust v. Morrill Cnty. Bd. of Equal., 299 Neb. 933 (Neb. 2018). · cites it 8× “We noted that "[t]he appraisals provided three alternative valuations of the [subject property], using each of the three methods provided for by" Neb. Rev. Stat. § 77-112 (Reissue 2009). JQH La Vista Conf.”
Schuyler Apt. v. Colfax Cnty., 783 N.W.2d 587 (Neb. 2010). · cites it 9× “ASSIGNMENTS OF ERROR On appeal, Schuyler Apartment Partners assigns, restated and renumbered, that TERC erred in (1) failing to find that the valuation of the Colfax County Board of Equalization violated Neb.Rev.Stat. § 77-112 (Reissue 2009), (2) failing to find that Schuyler…”
Lincoln Cty. Bd. of Equal v. W. Tabor Ranch Apts., 991 N.W.2d 889 (Neb. 2023). · cites it 10× “TERC also determined that the County Assessor failed to use any of the statutory methods of valuation in Neb. Rev. Stat. § 77-112 (Reissue 2018) when carrying over the 2018 valuation for tax years 2019 and 2020; it concluded there was clear and convincing evidence that the…”
Cain v. Custer Cty. Bd. of Equal., 315 Neb. 809 (Neb. 2024). · cites it 6× “5 Neb. Rev. Stat. § 77-112 (Reissue 2018). 6 See id.”
First Nat'l Bank & Trust v. Otoe Cnty., 445 N.W.2d 880 (Neb. 1989). · cites it 8× “" Neb.Rev.Stat. § 77-112 (Reissue 1986) provides in part: [A]ctual value of property for taxation shall mean and include the value of property for taxation that is ascertained by using the following formula where applicable: (a) Earning capacity of the property; (b) relative…”
Hastings Bldg. Co. v. Bd. of Equal. of Adams Cty., 206 N.W.2d 338 (Neb. 1973). · cites it 16× “The county assessor testified that in connection with section 77-112, R.S.Supp., 1969, he did a comparison with other property of known or accepted value.”
Cain v. Custer Cty. Bd. of Equal., 298 Neb. 834 (Neb. 2018). · cites it 3× “24 Neb. Rev. Stat. § 77-112 (Reissue 2009). 25 See § 77-201(2).”
Darnall Ranch, Inc. v. Banner Cty. Bd. of Equal., 753 N.W.2d 819 (Neb. 2008). · cites it 3× “[14] Neb.Rev.Stat. § 77-112 (Reissue 2003). [15] US Ecology v.”
Banner Cnty. v. State Bd. of Equalization & Assessment, 411 N.W.2d 35 (Neb. 1987). · cites it 7× “1985) and Neb. Rev. Stat. §§ 77-112 , 77-1330, 77-1343 to 77-1348, and 77-1358 to 77-1368 (Reissue 1986), required the use of the same formula to value different types of land and that *241 the county board had applied two different formulas to value land in the county.”
Brenner v. Banner Cnty. Bd. of Equal., 753 N.W.2d 802 (Neb. 2008). · cites it 2× “[27] § 77-5016(4) [28] Neb.Rev.Stat. § 77-112 (Reissue 2003). [29] US Ecology v.”
Richards v. Bd. of Equalization of Thayer Cnty., 134 N.W.2d 56 (Neb. 1965). · cites it 10× “The applicable statute is section 77-112, R. R. S. 1943, which provides: “Actual value of property for taxation shall mean and include the value of property for taxation that is ascertained by using the following formula where applicable: (1) Earning capacity of the property;…”
Dowd v. Bd. of Equalization, 482 N.W.2d 583 (Neb. 1992). · cites it 7× “” The court concluded that although the evidence did show an arm’s-length transaction as to the total sale, it did not as to the separate components, and that the plaintiffs had not met their burden of proof of establishing that the tax assessment was erroneous.”
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— Neb. Rev. Stat. § 77-112(1) — 3 cases
Banner Cnty. v. State Bd. of Equalization & Assessment, 411 N.W.2d 35 (Neb. 1987). “1985) and Neb. Rev. Stat. §§ 77-112 , 77-1330, 77-1343 to 77-1348, and 77-1358 to 77-1368 (Reissue 1986), required the use of the same formula to value different types of land and that *241 the county board had applied two different formulas to value land in the county.”
Greenwood Ranch, Inc. v. Morrilll Cnty. Bd. of Equalization, 439 N.W.2d 760 (Neb. 1989).
US Ecology, Inc. v. Boyd Cnty. Bd. of Equalization, 588 N.W.2d 575 (Neb. 1999).
— Neb. Rev. Stat. § 77-112(a) — 1 case
Harrison Square P'ship v. Sarpy Cnty. Bd. of Equalization, 574 N.W.2d 180 (Neb. Ct. App. 1998).
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