Bill > LB424

This bill aims to limit increases in property tax bills by establishing a cap on annual property tax increases. The bill defines key terms such as "allowable growth percentage" (which is the lower of the inflation rate or 3%), "inflation rate" (calculated using the Consumer Price Index for All Urban Consumers from the U.S. Department of Labor), and "property tax bill" (the amount of taxes due for a specific parcel of real property). Under the proposed legislation, a property tax bill cannot increase by more than the allowable growth percentage compared to the prior year's bill. An important exception is made for property tax increases resulting from improvements made to the property, which would not be subject to this growth limitation. By implementing this cap, the bill seeks to provide property owners with more predictability and protection against significant annual property tax increases, tying potential increases to inflation or a maximum of 3%, whichever is lower.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59486