Property tax relief bill heads to last round of debate in Nebraska Legislature

LINCOLN, Neb. (KLKN) — Nebraska lawmakers took another step Friday toward passing a property tax relief plan in their special session.

Senators voted 39-8 to advance Legislative Bill 34 to the final round of debate.

The bill would cap the annual increase in local governments’ property tax collections at the inflation rate.

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It also devotes $750 million this year toward tax credits to offset the property taxes paid to schools. That amount would go up each year.

And the bill changes how Nebraskans receive such tax credits.

Currently, you need to claim them when you file your income taxes.

But under LB 34, they would appear on your property tax statement.

SEE ALSO: Committee advances property tax relief plan in Nebraska Legislature

The Legislature also advanced a constitutional amendment to the second round of debate.

That measure, Legislative Resolution 2CA, would open the door to changes in how homes are assessed.

Under the constitution, county assessors must value homes at 100% of their actual market value.

But if the amendment is adopted, the Legislature would be authorized to lower that rate.

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