Bill > LB152

This bill creates a new homestead exemption for Nebraska property owners, providing that starting January 1, 2026, the first $100,000 of a homestead's actual value will be exempt from property taxation. The bill amends numerous existing statutes related to homestead exemptions, clarifying definitions, application processes, and administrative procedures. The Legislature finds that this new exemption will provide broad-based property tax relief to Nebraska residents and is consistent with the state constitution's allowance for exempting a portion of residential property from taxation. The bill maintains existing homestead exemptions for specific groups (such as veterans) and ensures that these prior exemptions will continue to be applied in addition to the new $100,000 exemption. The bill also includes provisions for how homeowners can apply for the exemption, how county assessors and the Tax Commissioner will process applications, and what penalties exist for fraudulent claims. Importantly, the new exemption will become operative on January 1, 2026, giving state and local governments time to prepare for its implementation.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59327