LR12CA

Nebraska LR12CA proposes a constitutional amendment to limit real property taxes, introduce a new valuation method, and establish exceptions.

Nebraska LR12CA proposes a constitutional amendment to limit ad valorem taxes on real property to 1.5% of the full cash value, starting January 1, 2027. It introduces a new method of valuing real property, adjusting for inflation or deflation. The amendment provides exceptions for certain bonded indebtedness and contaminated property, ensuring that taxes are levied uniformly and proportionately. It also eliminates conflicting constitutional provisions.