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This week, the Legislature began debate on LB 974, the Revenue Committee’s Property Tax Relief Proposal. LB 974 was crafted to reduce the property tax bills of all Nebraskans by reducing the reliance on property taxes to fund public education. If LB 974 is successful, the state would reduce the taxable valuation used by school districts to generate property tax dollars.
We are also adding an additional component to the formula called “Transition Aid.” Transition Aid will be provided to school districts that have a combined general fund and special building fund levies of $1.05 or greater and has a percent change in school revenue that is greater than 0% for 2020-21, 1% for 2021-22, and 2.5% for 2022-23. For 2020-21, the transition aid will equal 100% of the change in school district revenue and by 2022-23, the transition aid will equal 50% of the difference of the change in school district revenue minus 2.5% of the school district revenue for school fiscal year 2021-22.
I stand in support of LB 974. The Revenue Committee, of which I am a member on, has worked diligently over the summer to address concerns we have heard from Nebraskans that property taxes are too high, and that property taxes specifically levied by schools are too high. With Nebraska consistently ranking low among the nation in terms of State dollars for K-12 education, we are lowering taxable valuation for the TEEOSA formula while increasing the State’s share of the cost of educating our youth.
Like with any other bill, there is always room for improvement. After debating the bill for three hours earlier this week, the bill has been removed from the agenda. This allows us the opportunity to work together with individuals who have concern about the bill to come to a greater consensus on how to proceed. That being said, I am hopeful my colleagues and other stakeholders will continue to work with the Revenue Committee to come to create good state policy to address high property taxes in Nebraska.
As always, if we can be of assistance to you in any way, please do not hesitate to contact my office. My door is open and I have made it a goal to be accessible to the constituents of our district. Please stop by any time. My e-mail address is email@example.com, and the office phone number is 402-471-2756. Tyler and Katie are always available to assist you with your needs. If I am not immediately available, please do not hesitate to work with them to address any issues that you may need assistance. Please continue to follow me on Facebook at Kolterman for Legislature and on Twitter at @KoltermanforLegislature.