Bill > LB211

This bill modifies the Property Tax Growth Limitation Act by changing how political subdivisions can calculate their property tax request authority starting in fiscal year 2025. Under the revised law, political subdivisions will now have different calculation methods based on the proportion of their budget dedicated to public safety services. For subdivisions where public safety services comprise 20% or more of their property tax-funded budget, they can increase their property tax request authority by two components: first, by their political subdivision's growth percentage, and second, by either zero or the inflation percentage. For subdivisions where public safety services account for less than 20% of their property tax-funded budget, the calculation is similar, but the second component allows for an increase of either two percent or the inflation percentage, whichever is greater. These changes aim to provide more nuanced flexibility in property tax increases while maintaining some constraints on growth. The bill includes an emergency clause, meaning it will take effect immediately upon passage, and it repeals the original section of the law to implement these new provisions.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59254