The 2023 property tax problem that won't go away
This week I want to continue my explanation of LB 34 and what it means to you as a property tax payer.Three lawmakers, Sen. Steve Halloran (LD33), Sen. JustinWayne (LD13), and myself did a press release last week, alerting members of the public to the fact that taxpayers will not be able to claim their property tax credit for their 2023 property taxes paid.That press release got the attention of the members of the Legislature’s Revenue Committee and the Nebraska Department of Revenue, who are now trying to protect the State’s socalled money. Therefore, I will explain exactly what LB34 will do to taxpayers who paid their property taxes for 2023 in the calendar year of 2024.
To start, let’s assume for the moment that your tax credit for the property taxes you paid in 2023 amounts to $1000. In that case, the property tax credit that you would ordinarily claim on your 2024 income tax return would be $1,000. Because you would file that income tax return at the end of the twoyear cycle, which occurs in the year 2025, you then should be eligible to receive a total credit of $2000 – That is, $1,000 for your 2023 taxes and another $1000 for your 2024 taxes.
