HOLDREGE - Phelps County taxpayers may see higher valuations next year.

Phelps County Assessor Melodie Marvin gave county supervisors an advance look Tuesday at higher valuations for some farmland taxpayers for 2009.

"I wanted to give the supervisors a heads-up on where some valuations are headed," Marvin said, explaining that the increases are a result of market-driven real estate prices.

Marvin pointed at two examples. In one transaction, a tract of 473 acres in the past year sold for $850,000.
"We had that land valued at $493,664," she said. The land included a mix of irrigated, dryland and grass.

In another case, 160 acres of almost all irrigated land that was valued at $220,447 sold for $500,000.

Marvin said her office is seeing the same trend of higher farm selling prices that has been reported in other sections of Nebraska.

Nebraska law requires that farmland be valued at 69 percent to 75 percent of market prices.

"Our average valuation was raised from 65 percent to 70 percent. We're on the low side of what the state requires," she said.

Commercial and residential valuations will average 94 percent. Marvin says the state requires an average of 92 percent to 100 percent for each, again leaving Phelps County on the lower side of the state requirement.

"The city of Holdrege was stable for residential properties, as was Bertrand. Residential properties in Loomis were raised," she said.