Neb. Admin. Code § 350-10-002.01 — Actual value means the market value or fair market value of real property in the ordinary course of trade

It is the most probable price expressed in terms of money , that a property will bring if exposed for sale in the open market or in an arm ’s-length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the real property is adapted and for which it is capable of being used. Actual value may be determined using professionally -accepted mass appraisal metho ds, including, but not limited to, the: (1) sales comparison approach; (2) income approach; and (3) cost approach.