STRAIGHT TALK FROM STEVE

Like your new property taxes this year? I didn’t think so. I have received several calls and emails about the loss of the $10,000 personal property tax exemption that was eliminated by the implementation of LB 1107, the so called property tax relief bill. The more accurate name for this bill is “the decrease in the increase” bill, because that is what it really is. This bill did absolutely nothing to actually lower your property taxes this year. Let me explain why.

Over the course of the last five years property taxes statewide increased $813 million. As you can quickly figure out, that amounts to an annual increase of $162 million. LB 1107 grants to the people of Nebraska an annual reduction of $125 million in their property taxes. Sounds great, right? When subtracted from the annual increase of $162 million, it results in a net increase statewide of $37 million per year, instead of the usual $162 million. But, it gets worse.

 

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