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Nebraska farmland values drop by 2.8 percent

OMAHA, Neb. (AP) — Nebraska's farmland values saw a decline for the second year after nearly 25 years of increases.

The Omaha World-Herald reports that the Nebraska Department of Revenue released a report Friday showing that agricultural land values fell by almost 2.8 percent. They had dropped by 0.15 percent last year, which marked the first decline in a long run of increases.

Experts say farmland property values follow the price decline for corn, soybeans, beef and other commodities over the past few years.

Eric Thompson is director of the University of Nebraska-Lincoln's Bureau of Business Research. Thompson says he sees the decline as rebalancing. He says farmland values were at "unusually high levels" early this decade.

Farmer Craig Weber says a modest drop in farmland values won't bring extensive property tax relief.

 

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