§ 72-205 — School lands; changes in valuation; rental schedule; factors

All school land shall be subject to lease at fair market rental as determined by the Board of Educational Lands and Funds. When the board deems it expedient to raise or lower the rental and the appraised rental valuation of school lands, the board shall adopt rental schedules according to classification and schedules of valuations for the counties involved. In arriving at such rental schedules, the board shall consider the rental of other lands similarly situated and any other relevant factors bearing upon the rental of such school lands. The fair market rental as determined by the board shall then be capitalized at an annual rate of four percent to compute the appraised rental valuation.

Legislative History

Source: Laws 1921, c. 80, § 1, p. 289; C.S.1922, § 5184; C.S.1929, § 72-204; Laws 1933, c. 142, § 1, p. 553; Laws 1935, c. 163, § 3, p. 594; C.S.Supp.,1941, § 72-204; R.S.1943, § 72-205; Laws 1947, c. 235, § 1, p. 743; Laws 1949, c. 212, § 1, p. 602; Laws 1999, LB 779, § 15. Annotations: Administrative determination of value for rent purposes does not fix value which state must receive for land taken under eminent domain proceedings. State v. Platte Valley P. P. & I. Dist., 147 Neb. 289, 23 N.W.2d 300 (1946).