NEFB, Gov. Ricketts remind Nebraskans to claim their property tax relief credit
LINCOLN, Neb. — The Nebraska Farm Bureau (NEFB) and Gov. Pete Ricketts are reminding Nebraskans to claim their property tax relief through the state’s refundable income tax credit based on property taxes paid to K-12 schools. Gov. Ricketts and Nebraska Farm Bureau were strong advocates for the Legislature’s passage of LB 1107 in 2020, which established the new credit to provide property tax relief for owners of real property.
“LB 1107 delivered historic property tax relief for Nebraska’s hardworking men and women,” said Gov. Ricketts.
Nebraska Farm Bureau President Mark McHargue said those who were unaware or opted not to claim the credit last year can still do so. They will want to take a closer look when filing their taxes this year, due to the significant increase in state dollars allocated for the tax relief in 2021. Last year, on average, Nebraskans could expect to see tax relief equivalent to 6 percent of the property taxes they paid to K-12 schools through the credit. This year that tax relief is equivalent to more than 25 percent.
“We estimate on average the tax credits will be worth $718 per household in property tax relief for residential property owners,” said McHargue. “Finding how much the credit is worth to you is as simple as grabbing your property tax statement, finding the amount of taxes you paid to local schools based on the real property you own, such as your home, farm, or commercial business, and multiplying that amount by 25 percent.”
Nebraska Farm Bureau has developed a three-step guide to help Nebraskans claim the credit, which is available on the Nebraska Farm Bureau website at http://www.nefb.org. Nebraskans can also visit the Nebraska Department of Revenue’s website at revenue.nebraska.gov for more information.
“Providing property tax relief continues to be one of my highest priorities as governor, and that priority is shared by the Nebraska Farm Bureau. While we want Nebraskans to claim the credit and secure their tax relief, there is more work left to do,” said Ricketts.
The Nebraska Legislature is currently considering legislation (LB 723) introduced by Sen. Tom Briese of Albion to ensure the amount of state dollars allocated to the refundable income tax credit for property taxes paid to schools stays at or near its current funding levels and does not roll back to a lower amount in future years. The legislature is currently dedicating $548 million in funding to the tax relief program.
“I encourage Nebraskans to let their state senator know that property tax relief must continue to be a top priority and that means ensuring that funding for this tax relief program continues to grow, not go backwards,” said Ricketts.
In echoing the governor’s support, McHargue noted that Nebraskans can also help protect the property tax relief provided by the state by encouraging their peers serving on local government and school boards to hold the line on spending, particularly in areas where property valuations have climbed significantly, creating a windfall allowing those entities to collect more property taxes.
“Controlling spending at the local level is key to reducing property taxes and preventing erosion of the property tax relief the Legislature has provided through the tax credit for property taxes paid to schools,” said McHargue. “We look forward to continuing to work with Gov. Ricketts, the legislature, and local elected leaders to provide property tax relief for Nebraskans.”
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User