LB1183

Nebraska LB1183 modifies property valuation rules for taxation, affecting agricultural, horticultural, and personal property.

Nebraska LB1183 amends property valuation provisions for taxation purposes. It sets specific valuation percentages for agricultural and horticultural land, with special rates for school district bonds. Tangible personal property is also subject to specific valuation rules based on acquisition and conversion. The bill allows for corrections to property valuations due to clerical errors or land qualification changes. It also establishes procedures for local officials to request and the Tax Commissioner to approve valuation corrections. The bill's changes become effective January 1, 2027.