During a Nov. 21 program in Albion, District 41 Sen. Tom Briese discussed various ways to bring meaningful property tax relief to Nebraskans.
He would like to accomplish his goal in the upcoming legislative session.
“Nebraska has the seventh highest residential property tax in the nation, and we’re the third to fifth highest for property tax on agricultural land,” he said. “We are far too reliant on property tax to fund K-12 education. We collect roughly 70 percent more in property tax than in sales tax.”
Briese told his audience he intends to “rebalance” the state’s tax system. The goal is to strike a balance between sales, income and property taxes as revenue sources across the state, he said.
One proposal gaining attention is the 50/50 plan, which would give every Nebraska property owner a 50 percent state-funded credit or refund on the portion of their property tax bill that funds K-12 public education.
Under the 50-50 plan, property owners would still pay the full amount of their property taxes. However, when they file their state income tax return, they would be able to declare a 50 percent credit (or refund) on that portion of their property tax used to fund K-12 education.
In most cases, education receives about 60 percent of property tax, so the 50/50 plan would result in an approximate 30 percent property tax reduction.
Read more in the Nov. 29 Albion News Print and E-editions.
- 10:50 PM CST on February 22, 2019
- 3:00 AM CST on February 24, 2019