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Annual survey finds Nebraska ag land values up 5%

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Annual survey finds Nebraska ag land values up 5%


The market value of agricultural land in Nebraska increased 5% over the prior year, to an average of $4,015 per acre, according to the University of Nebraska–Lincoln’s 2024 Nebraska Farm Real Estate Market Survey preliminary report. This marks the third consecutive year of increases, setting another high in non-inflation-adjusted statewide land value.

The report is issued annually by the university’s Department of Agricultural Economics and Center for Agricultural Profitability. It is based on a survey of land industry experts across Nebraska, including appraisers, farm and ranch managers, agricultural bankers and other industry professionals.

Those responding to the survey attributed the rise in Nebraska’s agricultural real estate values to purchases for farm expansion, current livestock prices, 1031 tax exchanges, the amount of land offerings for sale, and hedges against inflation. Farms or ranches in strong financial positions looked to expand their operations by purchasing additional land. Competition for land remained strong in the industry, as fewer acres were available for sale.

According to Jim Jansen, an agricultural economist with the university who leads the survey and report, many operations acquired tangible assets, such as land, machinery and equipment, to hedge against inflation and rising prices.

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“The Federal Reserve’s policies to slow inflation have led to agricultural real estate loans moderating around 8%,” Jansen said. “Future changes in the market value of land across the state will be tied to the profitability of farm and ranching, along with long-term interest rates for financing real estate purchases.”

The survey reports the market values on seven types of land by region across Nebraska, as well as an average for the entire state. The estimated market value of dryland cropland without irrigation potential rose 3% across the state compared to the prior year. Center pivot-irrigated cropland increased 4%, while gravity-irrigated cropland rose 3%. According to Jansen, lower grain prices contributed to gains in cropland values moderating from the growth seen in 2023.

Jansen also said that rising cattle prices and competition for more acres helped drive grazing land and hayland market values up by an average of 6% to 8% in the state.

The survey found that average cash rental rates for dryland and irrigated cropland are also moderating this year compared to the rates of increase seen in recent years, experiencing between a 7% decline and 5% increase, thanks in part to lower crop prices and favorable yields across the United States.

“Survey participants expressed concerns about drought, input expenses and water availability for the upcoming growing season in certain regions,” Jansen said. “Accounting for actual crop revenue, production expenses or irrigation limitations might be features to consider in a flexible lease for 2024.”

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The preliminary report is available on the Center for Agricultural Profitability’s website here. The final report is expected to be published in June.

Two virtual workshops covering land and leasing issues, estate planning and the newly published land values and cash rental rates, will be held March 27 and 28. The March 27 workshop is scheduled for 9 to 11:30 a.m. Central time and will be geared toward viewers in central and western Nebraska. The March 28 workshop is set for noon to 2:30 p.m. Central time and will feature examples more relevant to viewers in eastern Nebraska. The general information presented in both meetings will be the same. Registration is free here.



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Nebraska

David Sanders Jr. visits Nebraska and is welcomed by Husker Nation

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David Sanders Jr. visits Nebraska and is welcomed by Husker Nation


LINCOLN, Neb. (KOLN) – It’s a big recruiting weekend for Nebraska, and when Dylan Raiola calls, the Husker Nation answers. Raiola posted on X on Friday asking fans to welcome the nation’s top offensive tackle, David Sanders Jr. out of North Carolina.

Sanders visited Nebraska back in May and is keeping the Huskers as a top contender.

Raiola, Head Coach Matt Rhule and other Huskers greeted Sanders outside of the new Tom Osborne Complex.

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Nebraska special session: Sen. Wayne votes to adjourn; gaming bills introduced

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Nebraska special session: Sen. Wayne votes to adjourn; gaming bills introduced


LINCOLN, Neb. (WOWT) – An attempt was made to end the second day of the Nebraska Legislature’s special session before senators got down to work.

Early in the session, Omaha Senator Justin Wayne introduced a motion to adjourn — something he had urged his senators to consider doing en masse immediately on Day 1 in a sharply worded letter to the body earlier this week.

Speaker of the Nebraska Legislature John Arch addressed the senators before the vote was taken into motion.

“This is ours now to do; only we can pass legislation. The governor cannot pass Legislation. So, it is now our work that we have to do; citizens are watching,” Arch said. “I don’t know about you, but I know in my district, there is a lot of interest with what’s happening here in this session.”

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The motion to adjourn failed on a 34-4 vote. The senators went back to work, discussing bills and amendments that have been made over the first two days of the special session.

State Sen. Tom Brant of Plymouth introduced legislation that would redefine terms related to Nebraska’s brand new sports betting, under the Nebraska Racetrack Gaming Act.

Right now, Husker fans can’t bet on their team when they play at home, and there is no mobile betting in Nebraska.

Critics believe fans will take their betting dollars across the bridge to bet on the Huskers, and make other bets from their phones without walking into the casino.

Officials from Omaha’s Warhorse Casino say that once again, Nebraska will be missing out on millions of dollars every year.

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“That’s another $32 million towards property tax relief; we’re very focused on that. Nebraskans have supported gaming lately because they wanted to reduce some of their property taxes,” Warhorse Casino spokesman Lance Morgan said.

Lawmakers will take Saturday off to give the bill drafters time to catch up on dozens of bills that have been introduced. They will reconvene at 9 a.m. Monday.

Speaker Arch says the third day of the session will be the last day to drop bills.

DAY 2 BILLS SUMMARY

Among the other 15 bills submitted on Friday:

State Sen. Carol Blood of Bellevue put foward a bill on retail delivery fees.

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Omaha senators Machaela Cavanaugh and Jen Day introduced bills on homestead exemptions.

State Sen. Kathleen Kauth of Omaha introduced a bill to change how state constitution amendments are proposed to the Legislature.

State Sen. Terrell McKinney of Omaha submitted a bill focused on reducing the prison population by allowing early release from parole and commutation recommendations for certain sentences.

Digital Director Gina Dvorak contributed to this report.

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Nebraska Supreme Court upholds state’s 12-week abortion ban and transgender care restrictions

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Nebraska Supreme Court upholds state’s 12-week abortion ban and transgender care restrictions


LINCOLN, Neb. (KOLN) – The Nebraska Supreme Court ruled in favor of the state’s 12-week abortion ban and transgender care restrictions on Friday.

A lawsuit brought by Planned Parenthood of the Heartland and its medical director, Dr. Sarah Traxler, in May 2023 claimed LB 574 violated the “no bill shall contain more than one subject, and the subject shall be clearly expressed in the title” rule in the Nebraska State Constitution.

LB 574 allowed Nebraska’s chief medical officer the ability to regulate transgender care for minors, and a last minute amendment tacked a 12-week abortion ban onto it. Governor Jim Pillen signed the bill into law on May 22, 2023.

The Supreme Court Justices peppered lawyers with the ACLU and State of Nebraska with questions about the constitutionality of LB 574 pertaining to the single-subject rule earlier this year.

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In an opinion issued Friday morning, the Supreme Court found no merit to Planned Parenthood’s argument that the bill contained more than one subject, affirming a district court decision in 2023.

The state’s high court acknowledged in its ruling that abortion and gender-affirming care “are distinct types of medical care,” but found the law does not violate Nebraska’s single-subject rule because both abortion and transgender health fall under the subject of medical care, the AP reported.

The ACLU of Nebraska highlighted Justice Lindsey Miller-Lerman’s dissent from the majority’s interpretation of the single-subject requirement.

Justice Miller-Lerman accused the majority of applying different standards to bills passed by the Legislature and those sought by voter referendum.

The ACLU of Nebraska released the following statement:

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“We respectfully disagree with the court majority’s determination, and we had of course hoped for a very different outcome,” Mindy Rush Chipman, executive director of ACLU of Nebraska, said. “But looking beyond the legal arguments of this specific case, it is so important that Nebraskans do not lose sight of the impact of these restrictions. Nebraskans have been harmed every week since the governor signed LB 574 into law. That will continue under today’s ruling. However, this case will not be the final word on abortion access and the rights of trans youth and their families in Nebraska. Despite this loss, we will continue to do all that we can to ensure that Nebraskans can make their own private decisions about their lives, families and futures.”

Pillen, who pushed for the bill to be passed, released a statement following the Court’s decision:

“I am grateful for the court’s thorough and well-reasoned opinion upholding these important protections for life and children in Nebraska. There was a dark moment last year when many feared that a victory for unborn babies was impossible and that the pro-life coalition might break apart. I was honored to partner with faithful allies and leaders across the state to combine the abortion ban with protections for kids against irreversible sex change surgeries. We worked overtime to bring that bill to my desk, and I give thanks to God that I had the privilege to sign it into law. I immediately directed our state government agencies to swiftly bring these protections into effect. I am grateful for their work and for the work of the Attorney General to defend it,” Pillen said.

Attorney General Mike Hilgers also commended the Court on its ruling.

“The Legislature passed Nebraska’s 12-week abortion ban and its ban on gender-altering procedures for minors, and we are pleased that the Court upheld the constitutionality of the Legislature’s work,” Attorney General Mike Hilgers said.

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Read the full Nebraska Supreme Court opinion below:

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