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The Legislature successfully passed LB1107 providing substantial property tax relief for Nebraskans. The bill delivers $650 million in annual property tax relief in two forms.
The first places into law a minimum level of funding of $275 million annually for the existing Property Tax Credit Relief Fund. From 2015-2019, the Legislature worked to nearly double the amount of direct property tax relief from $140 million annually to $275 million annually. This relief is applied directly to your property tax bill, and appears as a credit on your statement.
Second, the tax relief bill creates a new refundable income tax credit based on your property taxes paid to schools. Once the tax credit is phased in, the state will provide an additional $375 million in property tax relief. The relief from this credit will be delivered to you when you file your state income tax return. After the credit is phased in, the amount of credit from the state will grow as property valuations grow.
For instance, in Saunders County the refundable tax credit is expected to equal 5.6% of taxes paid to schools in 2020 and 15% in tax year 2025 when the total credit will amount to $375 million. Based on the above, the total tax credit received by property owners in Saunders County would equal $2 million for tax year 2020 and $5.5 million in tax year 2025. The credit for agricultural landowners will amount to $1 million in tax year 2020 and grow to $2.7 million in tax year 2025.
Using data from the USDA and Dept. of Revenue, the average farm in Saunders County has 421 acres of taxable agricultural land. So, the tax credit for tax year 2020 would be approximately $1,104 per farm and would equal approximately $2,947 per farm for taxes paid in 2025.
There is also news related to COVID-19 directed health measures. Most counties in Nebraska, including Saunders, Colfax, and Butler counties are now in phase 4 of the directed health measures put out by DHHS.
What this means in District 23 is that indoor gatherings are now limited to 75% capacity, and outdoor gatherings can now be at 100% capacity. Additionally, gyms, childcare facilities, bars, restaurants, salons, and wedding/funeral receptions are now removed from the directed health measures, but health precautions at these places are still advised.
However, facilities, indoor and outdoor, with 500+ capacity must submit plans outlining how the facility will meet applicable social distancing, sanitation, and other DHM guidelines to their local public health department before being able to reopen. The plan must also include the number of guests planning on attending the event. You may find the application for reopening plans on your local health department website.
Over the interim, my office remains open and we look forward to a busy schedule working on issues affecting this District and Nebraska. I appreciate hearing from you and encourage you to contact my office at 402-471-2719 or email@example.com.