LINCOLN- With recent valuations of homes skyrocketing, and farmers still smarting over a steep rise in agricultural land values, Gov. Jim Pillen is forming a “working group” to look at reforming the state’s property valuation system. It might lead to caps on valuation increases, or automatic “rate rollbacks” of property tax increases when valuations spike. It might also lead to a proposed change in the state constitution, said Kenny Zoeller, who heads the Governor’s Policy Research Office.

“We’re kind of opening the hood and allowing all ideas to be brought to the table,” Zoeller said, with a goal of introducing legislation in 2024. “The governor has some initial ideas,” he added. “His hope is that we can work with the counties and state senators and other interested parties to come to a unified solution.” Property valuations have been on the rise due to the increase in prices of homes and land.

This year, the cost of farm and ranch land rose 14% across the state, to a new record high. Valuations of homes for property tax purposes, meanwhile, have risen dramatically as well. The increases varied between 10% and 30% in Lincoln, and rose an average of 12.7% in Douglas County. Pillen, in a press release, called such increases “reckless” and an “unbearable burden.”

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