Bill > LB853

This bill makes the following key changes to homestead exemptions in Nebraska: 1. It increases the "exempt amount" for homestead exemptions from 100% to 150% of the average assessed value of single-family residential property in the claimant's county or up to $300,000, whichever is greater. This applies to both the general homestead exemption (Section 77-3507) and the exemption for certain disabled veterans and individuals (Section 77-3508). 2. It adds a new category of homestead exemption for veterans who are disabled but less than 100% disabled due to a service-connected disability, starting in 2025. These veterans will be eligible for a partial exemption equal to their disability percentage. 3. It adjusts the income eligibility thresholds for the general homestead exemption and the exemption for disabled individuals, tying them to inflation starting in 2025. The income limits are increased to $75,000 for married/closely related claimants and $60,000 for single claimants. 4. The bill also repeals two existing provisions related to the calculation of homestead exemptions. Overall, the bill aims to expand and modify the homestead exemption program in Nebraska to provide more generous exemptions and higher income limits for eligible homeowners.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=54931