LB399

Nebraska LB399 amends property tax rate provisions and qualifications for Mutual Finance Assistance Fund distributions.

Nebraska LB399 modifies the Mutual Finance Assistance Act by requiring members of a mutual finance organization to levy the same agreed-upon property tax rate within their boundaries for one out of three tax years covered by the agreement. The bill also mandates that members levy no more than the agreed-upon property tax rate for the remaining tax years. The property tax rates exclude levies for bonded indebtedness and lease-purchase contracts in existence on or after July 1, 1998.