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Although tax season has passed, I want to remind property owners that they can still claim the expanded property tax credits on their Nebraska state income taxes. About 40% of Nebraskans failed to claim this credit on last year’s taxes, leaving about $200 million of tax refunds unclaimed.
For tax year 2021, the credits amounted to approximately 25% of property taxes paid to K-12 public schools. This amount is projected to increase to approximately 30% for the 2022 tax year. Additionally, for taxes paid next year, taxpayers will also be eligible for a new approximate 30% credit on property taxes paid to community colleges.
If taxpayers failed to claim this refundable income tax credit on their property taxes, it can be claimed retroactively going back three years. Taxpayers would need to file an amended return for previous years (tax year 2020 or 2021). For information on how to claim the refundable income tax credit, go to revenue.nebraska.gov/about/nebraska-property-tax-credit.
The income tax credit is in addition to the Property Tax Credit program, in which funding has increased to $313 million annually. This property tax relief is reflected on your property tax statement and is automatically deducted from your property tax bill.
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