Governor Ricketts: Nebraska’s strong economy and revenues resulting in record property tax relief
“Nebraskans weathered the pandemic with grit and determination,” said Governor Ricketts. “Our economy has powered through the uncertainty of the last year, and that is resulting in significant growth in state revenues. Thanks to LB 1107, which I signed into law last year, higher state revenues have created record property tax relief for our farmers, ranchers, homeowners, and small businesses.”
LB 1107, which was passed and signed into law in 2020, created the Property Tax Incentive Credit. In its first year, the credit was worth $125 million. Taxpayers received the credit when they filed their state income taxes this year. Next year’s credit will be worth over $548 million thanks to higher revenues.
In addition to the Property Tax Incentive Credit, the State of Nebraska’s budget also includes $300 million in direct relief through the Property Tax Credit Relief Fund and $104 million through the Homestead Exemption. Altogether, the State of Nebraska will provide $952 million in direct property tax relief to offset local property taxes in Fiscal Year 2021-22. ■