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1 Abir Mandal & Jared Walczak, Nebraska Property Tax Relief after LB 34 1 (2025)

handle is hein.taxfoundation/napytxrf0001 and id is 1 raw text is: *TAX FOUNDATION NECHAMBER FOUNDATION Nebraska Property Tax Relief After LB 34 Abir Mandal Jared Walczak Senior Policy Analyst Vice President of State Projects January 2025 Key Findings * Nebraska's pre-LB 34 efforts to rein in property taxes proved insufficient, with property tax bills still rising sharply. * The existing system of property tax credits involved significant timing effects and limited take-up, pro- viding delayed and inadequate relief, while revenue limitation provisions lacked teeth. * Under LB 34, Nebraska now has its first true levy limit, but design flaws will yield undesirably lax con- straints some years and unworkably strict limits in others. * The Nebraska Unicameral has an opportunity to revise the property tax package enacted in 2024 to ensure that Nebraskans enjoy meaningful property tax relief, while protecting against unintended con- sequences for housing markets. The Tax Foundation is the world's leading nonpartisan tax policy 501 (c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. TAX FOUNDATION 1325 G STREET, NW, SUITE 950, WASHINGTON, DC 20005 202-464 6200 1 taxfoundation.org