LB 1008 amends Nebraska's School District Property Tax Relief Act to revise the minimum annual funding levels for property tax relief. It sets specific minimum relief amounts for tax years 2024 through 2030 (e.g., $750 million for 2024, $902 million for 2030) and establishes a formula for future years: prior year's minimum plus the percentage increase in statewide property values (as determined by the Department of Revenue) plus $75 million. The bill also adds a provision requiring funds transferred to the relief fund under Section 77-4602 to be included in the annual relief calculation. This amendment replaces the original funding structure in Section 77-7305 of the Revised Statutes.
LB 814 changes Nebraska's property tax valuation for agricultural and horticultural land, reducing the assessed value from 75% to 50% of market value starting January 1, 2027. This adjustment lowers the taxable value of such land, directly reducing property tax bills for farmers, gardeners, and landowners using property for agricultural or horticultural purposes. The bill also updates the acceptable valuation range for these lands to 44-50% of market value after 2027, replacing the previous 69-75% range. The change affects all Nebraska landowners with qualifying agricultural or horticultural land, as it modifies how their property is assessed for tax purposes.
Nebraska's LB 990 renames the "School District Property Tax Relief Act" to the "Live Here Thrive Here Act" and changes the "School District Property Tax Relief Credit Fund" to the "Live Here Thrive Here Credit Fund." The bill modifies how property tax credits are distributed by adjusting the state's fiscal transfer process under Section 77-4602. Specifically, it directs funds to the new credit fund based on comparisons between actual and estimated state revenue, with the State Treasurer making transfers according to these calculations. This policy change directly affects property owners in Nebraska school districts who receive tax credits for real property taxes paid.
This bill updates Nebraska's property tax valuation rules, primarily affecting agricultural landowners and school districts. It adjusts the tax rate for agricultural land from 37.5% to 50% of property value for school district taxes on bonds approved after 2022, while standardizing acceptable valuation ranges across property types. The bill clarifies how different property classes - like historic sites, agricultural land, and tangible personal property - are valued for tax purposes. These changes directly impact property owners' tax bills and school district funding calculations.
LB 1154 changes how Nebraska local governments (like cities and counties) calculate their annual property tax request limits under the Property Tax Growth Limitation Act. It replaces the existing formula with two new components: tax increases can now be based on a political subdivision's growth percentage and the inflation rate (if positive). This adjustment allows local governments to increase property tax requests in line with population growth and inflation, rather than using the previous calculation method. The bill directly affects all political subdivisions that set annual property tax rates.
LB 501 adjusts property tax assessments for real property damaged by disasters like fires, floods, or tornadoes. It directly affects property owners whose homes or land suffer significant damage (exceeding 20% of assessed value) after January 1, 2019, excluding damage caused by the owner. The bill requires owners to report damage to county assessors by July 15, triggers a county review by July 20, and mandates that the county board of equalization adjust the property’s assessed value to what it was *before* the disaster occurred. This ensures affected properties are taxed based on their pre-damage value for the current year only, without requiring new property appraisals.
LB 200 reinstates tax exemptions for specific properties under Nebraska's Personal Property Tax Relief Act, directly affecting state/local government entities, nonprofit organizations (educational, religious, charitable, cemetery), and Medicaid-serving healthcare facilities. The bill restores exemptions for government property used for public purposes, nonprofit properties used exclusively for their mission (not for profit or discrimination), and skilled nursing facilities serving Medicaid beneficiaries (with exemptions based on average occupancy). It also clarifies that student housing exemptions apply only to common areas of buildings owned by charities and made available to students. The bill amends multiple tax code sections to harmonize these provisions without creating new exemptions.
Nebraska's LB 424 limits how much property taxes can increase annually for homeowners. It caps yearly tax bill increases at the lesser of the inflation rate (based on the U.S. Consumer Price Index) or 3%, preventing rapid spikes. This directly affects property owners whose annual tax bills would otherwise rise faster than this limit, unless the increase results from home improvements. The bill applies to all real property tax bills issued in Nebraska.
Nebraska's LB 211 amends the Property Tax Growth Limitation Act to change how local governments (like cities and counties) calculate their annual property tax increase limit. It establishes a base limit using the prior year's property taxes minus exemptions, then allows additional increases based on either the local government's growth rate or inflation (with a 2% minimum for most entities). If public safety services (like police/fire) make up 20% or more of property tax-funded spending, the inflation-based increase uses a 0% floor; otherwise, it uses a 2% floor. The bill repeals the existing calculation method and takes effect immediately upon approval.
LB 564 adjusts Nebraska's School District Property Tax Relief Act by increasing annual funding for property tax credits. It mandates escalating transfers from the General Fund to the School District Property Tax Relief Credit Fund, starting at $750 million for fiscal year 2024-25 and increasing by $150 million each subsequent year through 2030-31 (e.g., $780 million in 2025-26, $808 million in 2026-27). These credits directly reduce property tax bills for homeowners in Nebraska school districts, calculated based on prior-year school district taxes and applied to tax statements. Unused credits are returned to the fund, and counties distribute funds to school districts via a defined formula. The bill repeals prior funding provisions and takes effect immediately upon enactment.
