Bill > LR292CA

This resolution proposes a constitutional amendment to change how real property is valued for property tax purposes, aiming to establish a new system that includes a "taxable market value" alongside the "fair market value" and limits annual property tax increases to a percentage based on the Consumer Price Index, with exceptions for property purchases, new construction, or changes in ownership. Specifically, non-agricultural land will have its taxable market value adjusted to 100% of its fair market value upon these events, while agricultural land will be adjusted to 75% of its fair market value, or 50% for bonds approved by voters after January 1, 2022. The amendment also outlines conditions for declaring emergencies and allows for special bond levies to fund local taxing entities during such emergencies, requiring at least half of registered voters to participate and two-thirds of votes cast to be in favor. The resolution also seeks to eliminate existing constitutional provisions that conflict with these proposed changes.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63015