Adopt the Property Tax Growth Limitation Act, change revenue and taxation provisions, and terminate the Property Tax Request Act

This bill, known as the Property Tax Growth Limitation Act, sets a cap on how much local governments in Nebraska can raise property taxes starting in fiscal year 2025. Under the new rules, a city, county, or village can only increase its tax request by the rate of local property value growth, the change in the consumer price index, or at least five percent, whichever is higher. Local governments may still raise taxes above this limit for specific purposes, such as funding approved bonds, capital improvements, public safety, or responding to emergencies, and they can also seek voter approval to exceed the cap. Additionally, the legislation repeals the previous Property Tax Request Act and updates related state statutes to align with these new limitations.