Lincoln County Board of Equalization lowers several property valuations after appraisals, income reviews

The Lincoln County Board of Equalization met after a midday recess and reviewed dozens of property valuation protests, approving a series of assessor recommendations and select reductions based on appraisals and income analyses.

The board accepted assessor recommendations to lower or retain values across a mix of residential, agricultural and commercial properties. Major adjustments included reducing the valuation of the former Cabela’s call center in the Twin Rivers Business Park to the appraised market value of $1,500,000 and several large commercial parcels whose valuations were lowered after the assessor applied an income approach to rent-roll and income statements.

Why it matters: property valuation changes determine tax bills for owners and influence the county’s assessment roll. Several protesters submitted appraisals or income and expense (I&E) statements; the board either adopted the assessor’s recalculation based on that evidence, accepted referee/appraisal findings, or left values unchanged where staff found insufficient evidence.

Most consequential actions - Former Cabela’s call center (Twin Rivers Business Park, parcel 0045727.05): The board accepted an appraisal dated March 21, 2025 by Cody Gerdes, MAI, and approved lowering the total valuation to $1,500,000 (land $50,900; improvements $1,449,100). Appraiser Cody Gerdes, MAI, is on the record as the author of the appraisal dated 03/21/2025. - Multiple commercial properties represented by Savage & Browning and by other agents had their improvements reduced after assessors developed income-approach valuations using submitted rent rolls and I&E statements; those totals were lowered in the board’s motions (examples include parcels with new totals of $1,094,190; $3,876,614; and $560,824 as read into the record).

How the board decided: the panel most often acted on one of three bases that staff outlined in the record: (1) no change where assessor review found the current assessed ratio and supporting sales met statutory guidelines; (2) reduction to the assessor’s recommendation after inspection or review of taxpayer-supplied evidence; or (3) reduction to a certified appraisal or referee recommendation when an appraisal or referee ruling was presented.

Assessors’ process and legal context County assessor Julie Stenger’s office repeatedly referenced the three-year sales ratio and the county’s current market percentage when explaining recommendations. In at least one instance staff noted “the statutory range is 69 to 75% and we’re at 72%,” and the transcript records staff explaining that Nebraska is a market-value state and that assessment work follows sales-ratio requirements.

Quotes from the record - “Cody Gerdes, MAI, certified general real estate appraiser. . . . The appraisal was done and dated 03/21/2025,” the appraiser’s identification appears in the transcript and was read into the record. - County assessor Julie Stenger’s written recommendation for an agricultural parcel was read into the record noting that market-area adjustments had placed the county at about 72% of market value in that area.

Votes at a glance (selected items read into the record) - Protest 62 (parcel 0110320, petitioner Linda Grabenstein): No change to the assessor’s valuation accepted (motion: no change). - Protest 63 (parcel 0110325, petitioner Linda Grabenstein): No change accepted. - Protest 77 (parcel 0089930, petitioner Logan Simmons): Valuation lowered to assessor’s recommendation (land $20,300; improvements $83,000; total $103,420). - Protest 78 (parcel 0045727.05, petitioner Christopher Blakely): Board adopted the March 2025 appraisal and lowered total valuation to $1,500,000 (land $50,900; improvements $1,449,100). - Protest 70 (First National Bank parcel 001599000, presented by DMA Inc.): No change; assessor found equalization with similar properties. - Protest 99 (Wilkinson Development Inc., parcel 0040217.14): Reduced to assessor’s income-approach recommendation (total $1,094,190). - Protest 100 (Wilkinson Development Inc., parcel 0010510): Reduced to assessor’s income-approach recommendation (total $3,876,614). - Protest 101 (Wilkinson Development Inc., parcel 0040052): Reduced to assessor’s income-approach recommendation (total $560,824). - Multiple residential protests (examples: protests 65, 66, 69, 80, 82, 86, 93, 96, 97, 98): assessor or referee recommendations were accepted, producing reduced valuations for many homes and small income properties; several reductions were driven by documented condition issues, interior/exterior inspection notes, or submitted income data.

Process notes and next steps The board conducted roll-call votes for each protest and frequently cited whether the assessor or a referee had reviewed submitted appraisals, photos, or income statements. Several items were explicitly resolved to referee recommendations or appraisals; others were reduced after assessor inspection. The board paused its current stack with roughly “about a hundred left to go” as read into the record and adjourned the Board of Equalization at 2:16 p.m. to reconvene as the Lincoln County Board of Commissioners.

Ending: The actions modify the assessment roll for tax year 2025; affected taxpayers and county staff will see those changes reflected on the county’s assessment records and next tax filings.