(1) Except as provided in subsections (2) through (4) of this section, all real property in this state, not expressly exempt therefrom, shall be subject to taxation and shall be valued at its actual value.
(2) Agricultural land and horticultural land as defined in section 77-1359 shall constitute a separate and distinct class of property for purposes of property taxation, shall be subject to taxation, unless expressly exempt from taxation, and shall be valued at seventy-five percent of its actual value, except that for school district taxes levied to pay the principal and interest on bonds that are approved by a vote of the people on or after January 1, 2022, such land shall be valued at fifty percent of its actual value.
(3) Agricultural land and horticultural land actively devoted to agricultural or horticultural purposes which has value for purposes other than agricultural or horticultural uses and which meets the qualifications for special valuation under section 77-1344 shall constitute a separate and distinct class of property for purposes of property taxation, shall be subject to taxation, and shall be valued for taxation at seventy-five percent of its special valuation as defined in section 77-1343, except that for school district taxes levied to pay the principal and interest on bonds that are approved by a vote of the people on or after January 1, 2022, such land shall be valued at fifty percent of its special valuation as defined in section 77-1343.
(4) Historically significant real property which meets the qualifications for historic rehabilitation valuation under sections 77-1385 to 77-1394 shall be valued for taxation as provided in such sections.
(5) Tangible personal property, not including motor vehicles, trailers, and semitrailers registered for operation on the highways of this state, shall constitute a separate and distinct class of property for purposes of property taxation, shall be subject to taxation, unless expressly exempt from taxation, and shall be valued at its net book value. Tangible personal property transferred as a gift or devise or as part of a transaction which is not a purchase shall be subject to taxation based upon the date the property was acquired by the previous owner and at the previous owner's Nebraska adjusted basis. Tangible personal property acquired as replacement property for converted property shall be subject to taxation based upon the date the converted property was acquired and at the Nebraska adjusted basis of the converted property unless insurance proceeds are payable by reason of the conversion. For purposes of this subsection, (a) converted property means tangible personal property which is compulsorily or involuntarily converted as a result of its destruction in whole or in part, theft, seizure, requisition, or condemnation, or the threat or imminence thereof, and no gain or loss is recognized for federal or state income tax purposes by the holder of the property as a result of the conversion and (b) replacement property means tangible personal property acquired within two years after the close of the calendar year in which tangible personal property was converted and which is, except for date of construction or manufacture, substantially the same as the converted property.
Notes of Decisions
Pfizer Inc. v. Lancaster Cnty. Bd. of Equalization, 616 N.W.2d 326 (Neb. 2000).
· cites it 9× “ASSIGNMENTS OF ERROR Pfizer assigns, consolidated and restated, that the TERC erred in its interpretation of §§ 77-118 and 77-120 and Neb. Rev. Stat. § 77-201 (Cum. Supp. 1998).”
Nat. Gas Pipeline Co. of Am. v. State Bd. of Equalization, 466 N.W.2d 461 (Neb. 1991).
· cites it 12× “Such actual value shall be taken and considered as the taxable value on which the levy shall be made." The State agrees that "both real property and taxable personal property are within the class of `all tangible property' under Article VIII, Section 1, of the Nebraska…”
First Nat'l Bank & Trust v. Otoe Cnty., 445 N.W.2d 880 (Neb. 1989).
· cites it 8× “ACTUAL VALUE Regarding assessment of property for taxation, Neb.Rev.Stat. § 77-201 (Reissue 1986) provides in part: "[R]eal property in this state, not expressly exempt therefrom, shall be subject to taxation and shall be valued at its actual value.”
Cain v. Custer Cty. Bd. of Equal., 298 Neb. 834 (Neb. 2018).
· cites it 3× “Under Neb. Rev. Stat. § 77-201 (1) (Reissue 2009), all real property, unless expressly exempt, is subject to taxation and is to be valued at its actual value.”
Krings v. Garfield Cty. Bd. of Equal., 835 N.W.2d 750 (Neb. 2013).
· cites it 4× “If considered agricultural or horticultural land, pursuant to Neb. Rev. Stat. § 77-201 (2) (Reissue 2009), the land would be assessed at 75 percent of its actual value.”
Cain v. Custer Cty. Bd. of Equal., 315 Neb. 809 (Neb. 2024).
· cites it 3× “, determining its taxability, determining its taxable value, and placing it on the assessment roll.” 7 Taxable value, in turn, has the “same 1 See Cain v.”
Lincoln Cty. Bd. of Equal v. W. Tabor Ranch Apts., 991 N.W.2d 889 (Neb. 2023).
· cites it 4× “General Actual Value Framework for Appraisals [1,2] Although we have recognized that the appraisal of real estate “is not an exact science” 6 and “is largely a matter of opinion without a precise yardstick for determination,” 7 our statutes provide a framework for assessing real…”
Homan v. Bd. of Equalization, 3 N.W.2d 650 (Neb. 1942).
· cites it 6× “*402 The statute applicable to such cases as the one at bar, prior to 1939, was section 77-201, Comp. St. 1929, which was as follows: “All property in this state, not expressly exempt therefrom, shall be subject to taxation, and shall be valued and assessed at its actual value.”
Cain v. Lymber, 306 Neb. 820 (Neb. 2020).
· cites it 2× “Before reaching that issue, we explained that under Neb. Rev. Stat. § 77-201 (1) (Reissue 2009), all real property, unless expressly exempt, is subject to taxation and is to be valued at its actual value.”
— Neb. Rev. Stat. § 77-201(1) — 1 case
Lincoln Cty. Bd. of Equal v. W. Tabor Ranch Apts., 991 N.W.2d 889 (Neb. 2023).
“General Actual Value Framework for Appraisals [1,2] Although we have recognized that the appraisal of real estate “is not an exact science” 6 and “is largely a matter of opinion without a precise yardstick for determination,” 7 our statutes provide a framework for assessing real…”
— Neb. Rev. Stat. § 77-201(2) — 4 cases
Krings v. Garfield Cty. Bd. of Equal., 835 N.W.2d 750 (Neb. 2013).
“If considered agricultural or horticultural land, pursuant to Neb. Rev. Stat. § 77-201 (2) (Reissue 2009), the land would be assessed at 75 percent of its actual value.”
Cain v. Custer Cty. Bd. of Equal., 298 Neb. 834 (Neb. 2018).
“Under Neb. Rev. Stat. § 77-201 (1) (Reissue 2009), all real property, unless expressly exempt, is subject to taxation and is to be valued at its actual value.”
Cain v. Custer Cty. Bd. of Equal., 315 Neb. 809 (Neb. 2024).
“, determining its taxability, determining its taxable value, and placing it on the assessment roll.” 7 Taxable value, in turn, has the “same 1 See Cain v.”
— Neb. Rev. Stat. § 77-201(3) — 4 cases
Pfizer Inc. v. Lancaster Cnty. Bd. of Equalization, 616 N.W.2d 326 (Neb. 2000).
“ASSIGNMENTS OF ERROR Pfizer assigns, consolidated and restated, that the TERC erred in its interpretation of §§ 77-118 and 77-120 and Neb. Rev. Stat. § 77-201 (Cum. Supp. 1998).”
— Neb. Rev. Stat. § 77-201(5) — 1 case
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