PREPARED BY: John Wiemer
LB 22 DATE PREPARED: July 29, 2024
PHONE: 402-471-0051
Revision: 00
FISCAL NOTE
LEGISLATIVE FISCAL ANALYST ESTIMATE
ESTIMATE OF FISCAL IMPACT – STATE AGENCIES (See narrative for political subdivision estimates)
FY 2024-25 FY 2025-26
EXPENDITURES REVENUE EXPENDITURES REVENUE
GENERAL FUNDS
CASH FUNDS
FEDERAL FUNDS
OTHER FUNDS
TOTAL FUNDS See Below See Below See Below
Any Fiscal Notes received from state agencies and political subdivisions are attached following the Legislative Fiscal Analyst Estimate.
LB 22 would make changes to the Homestead Exemption Program.
Under the bill, all homesteads in the state would be assessed for tax ation the same as other property, except that commencing January
1, 2025, there would be exempt from taxation of homesteads the first $100,000 of the actual value of the homestead
The exemptions in sections 77-3506, 77-3507, and 77-3508 would be in addition to the e xemption under this bill.
The bill would increase General Fund expenditures through expansion of the Homestead Exemption Program from the $100,000
exemptions starting in FY26. Also, there is e stimated to be General Fund expenditures connected to the DOR ’s additional
responsibilities as a result of changes to the Program under this bill. Given current information, it is not possible to calculate the effect to
homesteads in the Program due to the $1000,000 exemption along with other homesteads in the state. The effect to e xpenditures as a
result of this bill are indeterminant at this time. If further information is received, the fiscal note for this bill will be updated.