{"id":34462,"date":"2023-05-25T13:48:57","date_gmt":"2023-05-25T19:48:57","guid":{"rendered":"http:\/\/update.legislature.ne.gov\/?p=34462"},"modified":"2023-05-25T13:48:57","modified_gmt":"2023-05-25T19:48:57","slug":"property-tax-relief-increased-school-revenue-growth-capped","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=34462","title":{"rendered":"Property tax relief increased, school revenue growth capped"},"content":{"rendered":"

A bill that provides additional property tax relief to Nebraskans while limiting increases in the amount of property taxes public school districts may collect received final approval from lawmakers May 25.<\/p>\n

\"Sen.
Sen. Tom Briese<\/figcaption><\/figure>\n

LB243, introduced by Albion Sen. Tom Briese, gradually will increase the minimum amount of relief granted under the Property Tax Credit Act from the current $275 million to $475 million by tax year 2028.<\/p>\n

The following year, it will grow by the percentage increase in the total assessed value of all real property statewide over the prior year, plus an additional $75 million. The amount then will continue to grow by the percentage increase in statewide valuations.<\/p>\n

As amended, LB243 contains provisions of several other bills considered by the Revenue Committee this session, including LB589, sponsored by Briese at the request of Gov. Jim Pillen.<\/p>\n

The measure limits the amount by which a school district may increase its property tax request \u2014 the amount of taxes requested to be raised through its levy \u2014 from one year to the next by 3 percent, with some exceptions based on a district\u2019s growth in student enrollment, the number of limited English proficiency students and the number of students in poverty.<\/p>\n

Under the bill\u2019s provisions, a district\u2019s property tax request may not exceed its property tax request authority, which the state Department of Education will calculate annually.<\/p>\n

A district may exceed its property tax request authority by an amount approved by a 60 percent majority of voters at a special election. The bill also allows a school board to exceed a district\u2019s property tax request authority by 4 to 7 percent, depending on the number of students enrolled, if at least 70 percent of its members approve.<\/p>\n

Among other provisions, LB243 eliminates the 5 percent cap on the school district tax credit\u2019s allowable growth percentage under the Nebraska Property Tax Incentive Act. It also ends Nebraska\u2019s community college area levy after fiscal year 2023-24. Beginning the next year, the state will distribute funds to community colleges to offset the lost property tax revenue.<\/p>\n

The state Department of Revenue estimates that the bill will reduce state general fund revenue by $1.8 billion from fiscal year 2024-25 to FY2030-31.<\/p>\n

LB243 passed on a vote of 44-0 and takes effect immediately.<\/p>\n","protected":false},"excerpt":{"rendered":"

A bill that provides additional property tax relief to Nebraskans while limiting increases in the amount of property taxes public school districts may collect received final approval from lawmakers May 25.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17],"tags":[185],"class_list":["post-34462","post","type-post","status-publish","format-standard","hentry","category-revenue","tag-sen-tom-briese"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/34462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34462"}],"version-history":[{"count":0,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/34462\/revisions"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}