Change provisions relating to the valuation of agricultural land and horticultural land

LB 814 changes Nebraska's property tax valuation for agricultural and horticultural land, reducing the assessed value from 75% to 50% of market value starting January 1, 2027. This adjustment lowers the taxable value of such land, directly reducing property tax bills for farmers, gardeners, and landowners using property for agricultural or horticultural purposes. The bill also updates the acceptable valuation range for these lands to 44-50% of market value after 2027, replacing the previous 69-75% range. The change affects all Nebraska landowners with qualifying agricultural or horticultural land, as it modifies how their property is assessed for tax purposes.