Ag land property values have dropped

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LINCOLN, Neb. - A new state Revenue Department preliminary report says agricultural land property values have dropped in Nebraska for the first time since at least the early 1990s.

The Lincoln Journal Star reports that the drop from last year is small: 0.15 percent. Ag experts had expected the drop because of lower commodity prices and ag income.

Larry Dix is executive director of the Nebraska Association of County Officials and he says county assessors have been reporting that prices for agricultural land have been going down.

The Revenue Department's 2017 preliminary report provides preliminary total property values from county assessors for ag land, commercial property and residential property. Final numbers will be available in fall, when local governments set tax rates.