Bill > LB987

This bill adopts the School District Property Tax Limitation Act, which places restrictions on the amount a school district can increase its property tax request from year to year. The key provisions are: - A school district's property tax request cannot exceed its "request authority," which is generally the prior year's request increased by the greater of 3% or the percentage increase in the Consumer Price Index. - A school district can exceed the request authority limit for up to two consecutive years, but must then reduce its request in subsequent years to keep the average annual increase over any three-year period at or below 3%. - A school district can also exceed the limit with voter approval, or for certain specified purposes like capital improvements, bond payments, or wage increases mandated by the Commission of Industrial Relations. - The limit applies to property tax requests set from 2023 through 2028, after which it will no longer apply. - The bill also makes changes to public hearing requirements for school district budget statements to include information on compliance with the new property tax limitation.