Ricketts signs property tax relief bill for homeowners
"That is real tax relief for homeowners, not only here in Lincoln, but across our state and for our farmers and our ranchers," said Gov. Pete Ricketts.
(LINCOLN, Neb.)- It’s the first property tax relief bill to pass since 2007 and many Nebraskans are happy to keep a little more money in their pockets.
“That is real tax relief for homeowners, not only here in Lincoln, but across our state and for our farmers and our ranchers,” said Gov. Pete Ricketts.
Ricketts was surrounded by senators at the Capitol, as he signed LB 1107, a property tax relief bill.
It passed with 41 senators supporting it last Thursday. Ricketts says it quadruples direct tax relief coming from the state.
“It will add a new fund that will add an additional 125 million dollars in the first year, phasing into $375 million, bring that total amount to of property tax relief coming from the state to $ 650 million,” adds Ricketts.
The bill was a hot debate during the legislative session.
“We have worked summers,” said Sen. Lou Linehan. “We have worked during the COVID-19 break. We had phone calls, zoom conferences, and we’re a pretty vast, diverse committee.”
As senators spoke, one says he hopes this will outlive him.
“We all will be much better in the future,” said Sen. Jim Scheer. “And at least my grand-kids, I’m positive, have an opportunity to raise and grow their families even with me not around.”
Ricketts uses an example of a homeowner with property worth about $250,000, who pays about $3,300 a year in taxes.
He said they can expect a tax break of about 10 percent in the first year. In the following years, he says Nebraskans will have even more relief.
“As its fully phased in, it will go up to over $500 and will represent about an 18 percent tax break on your school taxes and a 17 percent tax break on your overall taxes about $577.”
Ricketts stated the bill is a step in the right direction to continue to grow Nebraska.