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Nebraska Senators Offer Property Tax Reduction Plans

02/02/2015

(NRN)-- ebraska lawmakers are reviewing a number of proposals to provide property tax breaks to Nebraska, especially to farmers and ranchers.

First District State Senator Dan Watermeier of Syracuse says the Unicameral must find a way to relieve the tax burden on Nebraskans.

Watermeier sponsors a couple of property tax bills. One would lower the assessed valuation of agricultural land from the current 75-percent of market value to 65-percent. Another would inject 60-Million dollars into the state property tax relief fund.

State Senator Lydia Brasch of Bancroft is sponsoring a companion bill that would return 20-percent of the state income taxes collected within a local school district to that district. It would also remove the minimum tax levy penalty that penalizes school districts for lowering tax levies below a certain level. Under the plan, every school district in the state would receive some form of state assistance, and that more state dollars would reduce property taxes, especially for unequalized districts.

The Nebraska Farm Bureau estimates Brasch's legislation would reduce property taxes overall by 80-Million dollars.

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