Nebraska 2023-2024 Regular Session

Nebraska Legislature Bill LB1362

Introduced
1/17/24  
Refer
1/18/24  

Caption

Change provisions relating to the valuation of residential property for property tax purposes

Impact

The discussions surrounding LB1362 emphasized its potential effects on state and local government revenue deriving from property taxes. Proponents of the bill believe it will provide a fairer assessment framework for residential properties, thus fostering equity among homeowners. By refining valuation methods, the bill could lead to lower tax burdens for many property owners. However, there are concerns that changing valuation assessments might reduce funding for crucial local services that rely heavily on property tax revenue.

Summary

LB1362 proposes to modify provisions regarding the valuation of residential property for property tax purposes. The bill seeks to revise how residential properties are assessed, potentially altering the current measures used to determine market value. This legislative change could have significant implications for property owners, particularly in how their property taxes are calculated based on these valuations. If enacted, LB1362 aims to ensure that property taxes reflect more accurate assessments of market conditions, benefiting homeowners by preventing inflated tax assessments that do not align with property values.

Contention

Notable points of contention highlighted in discussions about LB1362 include the balance between fair taxation and maintaining necessary funding for public services. Opponents of the bill expressed fears that the new valuation methods could unintentionally harm local governments financially if property tax revenues decreased as a result. Moreover, some stakeholders worry that the bill may favor certain segments of the population, potentially leading to disparities among different homeowner groups, particularly in affluent versus less wealthy neighborhoods.

Companion Bills

No companion bills found.

Previously Filed As

NE LB72

Change provisions relating to valuation of residential real property for property tax purposes

NE LB699

Change the valuation of certain real property for purposes of taxes levied by school districts

NE HB1092

Concerning the valuation of property for purposes of state property tax levies.

NE LB38

Change provisions relating to property that is exempt from property taxes

NE LB37

Change provisions relating to property that is exempt from property taxes

NE LB575

Change provisions relating to the Property Tax Request Act and property tax levy limits

NE LB577

Change provisions relating to collection of delinquent real property taxes by sale of real property

NE LB1241

Change provisions relating to property tax levy limits

NE LB679

Change provisions relating to the sale of real property for delinquent taxes

NE LB529

Change provisions of the Property Tax Request Act

Similar Bills

No similar bills found.