Bill > LR12CA

This joint resolution proposes a constitutional amendment to limit property taxes and establish a new method for valuing real property in Nebraska. Beginning January 1, 2027, the amendment would cap ad valorem (property) taxes at 1.5% of a property's full cash value, with the tax collected by counties and apportioned to political subdivisions. The resolution provides several important exceptions to this tax limit, including voter-approved bonded indebtedness for specific purposes like school facilities. The amendment also introduces a unique valuation method where property values are initially set at the 2027 county assessor's valuation and then adjusted annually by inflation (not to exceed 2%) or deflation. Additionally, the resolution offers special provisions for certain property transfers, such as allowing individuals over 55, severely disabled, or victims of natural disasters to transfer their property's base value when moving to a comparable replacement home. The amendment also includes detailed provisions about what constitutes a "change in ownership" and provides special considerations for contaminated properties, ensuring that property owners are not unfairly taxed in circumstances beyond their control.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59049