Bill > LB240

This bill modifies notice provisions in the Community Development Law related to the division of ad valorem (property) taxes in redevelopment projects. Specifically, the bill changes the deadline for sending tax division notices from August 1 to July 1, requiring authorities to notify county assessors on or before July 1 of the year the tax division provision takes effect. If an authority fails to send this notice by the specified date, the taxes will remain undivided and be paid into the funds of public bodies receiving property taxes from the redevelopment project, rather than being divided as originally planned. The bill maintains the existing provisions about how taxes can be divided in redevelopment projects, including different time limits for projects in extremely blighted areas (up to 20 years) versus other areas (up to 15 years). The change appears to be a minor administrative adjustment to streamline the timing of tax division notifications, with potential consequences for authorities that miss the deadline. The bill includes an emergency clause, meaning it will take effect immediately upon passage and approval.

Housing and Urban Affairs

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59166