Section 350-11-001 - PURPOSE001.01 Since urban development and other non-agricultural development can have an economic impact on neighboring agricultural or horticultural land, Neb. Rev. Stat. Sections 77-1343 through 77-1348 were enacted. The special valuation assessment provides for a taxable value based solely on seventy-five (75) percent of the actual value of land for agricultural or horticultural purposes or uses, without regard to the actual value the land might have for other purposes or uses, allowing persons wishing to continue to engage in agriculture as a livelihood, from being forced to discontinue their agricultural endeavors as a result of excessive tax burdens. It is also recognized that special valuation assessment reduces the value base for property tax purposes. To limit this effect, a recapture of the tax benefit received is imposed through 2008, when the property ceases to qualify for the special valuation.001.02 Under advisement of the Greenbelt Advisory Committee, the following regulations set forth the requirement of the assessor to determine (1) the actual value of the land based on current sales, and, (2) the actual value of the land based on current sales of similar land not subject to influences other than the agricultural and horticultural uses of the land, or (3) actual value of the land based on the present value attributable to agricultural and horticultural uses of the land.350 Neb. Admin. Code, ch. 11, § 001