Adopt the Long-Term Resident Homestead Exemption Act

This bill, known as the Long-Term Resident Homestead Exemption Act, would allow homeowners in Nebraska who have lived in the same property for at least ten years to pay zero school district taxes on their home. To qualify, owners must apply through their county assessor and would only need to reapply every five years as long as they remain eligible. The legislation ensures that the state reimburses counties and school districts for the lost tax revenue, distributing the funds monthly to help cover the shortfall. Additionally, the bill clarifies that recipients of this new exemption cannot simultaneously claim other existing homestead tax exemptions for the same year.