Nebraska’s strong economy results in more than $500 million in property tax relief
Nebraska tax receipts from the last fiscal year grew by nearly one billion dollars above projections, which results in more than $500 million in property tax relief for ag producers.
Governor Pete Ricketts issued a statement saying the state’s economy has “powered” through the pandemic resulting in “significant growth” in state revenues.
Ricketts says the Property Tax Incentive Credit he signed into law last year will provide record property tax relief of $548 million dollars – well above the allocated $125 million.
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, farmers and ranchers will get $952 million in direct property tax relief to offset local property taxes in Fiscal Year 2021-22.