Legislation streamlines property tax credit process

The Legislature concluded the special session that was called to relieve property taxes on Aug. 20. After a contentious start, senators agreed to compromise on legislation that will frontload the Nebraska Property Tax Incentive Act credits from LB1107 (2020) directly onto taxpayer’s property tax statements, trim and adjust the state budget by $185 million and tighten existing property tax levy caps for counties, cities and villages to the greater of inflation or 0%. Of the 81 bills and 24 resolutions introduced, only four became law. All four bills given final approval will go into effect upon...