Limits property tax increases by political subdivisions in Nebraska to a percentage based on real growth.

Nebraska LB1219 sets a cap on the annual increase in property taxes levied by political subdivisions, such as counties and municipalities. The cap is determined by adding two percent to the political subdivision's real growth percentage. Real growth percentage is calculated by dividing the real growth value by the total property valuation from the prior year. Real growth value includes increases due to improvements, annexations, changes in property use, and personal property valuation. This bill aims to control property tax growth starting January 1, 2027.

Limits property tax increases by political subdivisions in Nebraska to a percentage based on real growth.

Nebraska LB1219 sets a cap on the annual increase in property taxes levied by political subdivisions, such as counties and municipalities. The cap is determined by adding two percent to the political subdivision's real growth percentage. Real growth percentage is calculated by dividing the real growth value by the total property valuation from the prior year. Real growth value includes increases due to improvements, annexations, changes in property use, and personal property valuation. This bill aims to control property tax growth starting January 1, 2027.