Property tax relief has always been my number one priority in the State Legislature. Last Friday the State Legislature began debate on the Revenue Committee’s primary property tax relief bill for 2023. Although LB 243 was introduced by Sen.Tom Briese of Albion, the Revenue Committee adopted his bill as a committee priority bill and amended several other bills into it, including one of my bills. So, today I would like to tell you about what the Legislature is currently doing to provide all Nebraskans with some much-needed property tax relief. LB 243 increases funding for the Property Tax Credit Fund from $275 million to $388 million in 2024 and $428 million in 2025. The fund will increase incrementally until it finally reaches $560 million in 2029.The bill also requires revenue in the fund to grow over time in proportion to the overall statewide increase in assessed property values.
Without this provision in the bill property tax relief would slowly diminish over time.
LB 28 is one of my bills which was amended into LB 243. LB 28 reforms the way that the Tax Equalization and Review Commission (TERC) conducts their business. TERC has been backlogged with appeals. I know one landowner who just received notice of a hearing for an appeal he filed in 2013! No one should ever have to wait ten years to get a hearing. Moreover, no one should have to pay property taxes for ten years based upon a wrongful and erroneous assessment of their property. Therefore, my bill reverts the assessed value of the property to the previous year’s value until TERC makes a decision.
