Boone County Commissioners began preliminary work on their 2010-11 budget, and the revenue side of the budget has already taken a hit.
The county will not qualify this year for the state property tax relief it has received in previous years, thus eliminating revenue that totaled $151,912 in last year’s budget.
The state formula for disbursing property tax relief takes into consideration the county’s capacity to pay (valuation) in addition to other factors.
Boone County is one of 63 Nebraska counties that will not receive property tax relief funds this year. Replacing that revenue with property tax would require about a five percent tax increase, said Rick Martinsen, CPA, who assists the board with its budget each year.