Bill > LB1183

This bill adjusts the percentage of actual value used to determine property taxes for various types of land and property in Nebraska, with changes to take effect on January 1, 2027. Specifically, it lowers the valuation percentage for agricultural and horticultural land from 75% to 37.5% of its actual value, and further reduces it to 25% for school district taxes on bonds approved after January 1, 2027, down from 50% for bonds approved after January 1, 2022. Similar reductions are applied to land receiving special valuation, and the acceptable range for valuation by the commission is also adjusted. For all other real property, the valuation percentage is lowered from 100% to 50%. Additionally, the "state aid value" for real property other than agricultural and horticultural land is reduced from 96% to 48% of actual value, and for agricultural and horticultural land, it is reduced from 72% to 36% of actual or special valuation. These changes aim to harmonize property valuation provisions across different sections of Nebraska law.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=64033