Nebraska Legislature panel advances measure aimed at reducing property valuations

LINCOLN, Neb. (KLKN) — As Nebraska lawmakers consider ways to cut property taxes, another idea has made its way to the floor of the Legislature.

The Revenue Committee on Thursday approved Legislative Resolution 2CA, a constitutional amendment that could change how property valuations work.

Right now, houses are assessed at 100% of their market value, meaning you pay taxes on the whole thing.

LR2CA, introduced by Sen. Tom Brandt of Plymouth, would allow the Legislature to set a lower valuation rate for owner-occupied homes.

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Agricultural land is valued at 75% of its market value.

Some have argued that the discrepancy between ag land and housing isn’t fair.

“It is the homeowners of Nebraska that need and depend upon a reduction in their property taxes to survive as homeowners,” Melanie said on the NOW Local News App. “That is who needs the help here the most.”

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If the Legislature passes the resolution, Nebraskans would vote on it, which likely wouldn’t happen until 2026.

And even if voters approve the amendment, it’s not a done deal. The amendment gives lawmakers the power to change the rate but doesn’t require them to.

The exact rate would also still need to be worked.

So it would be years before taxpayers would see relief from the plan.

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But supporters said this is an important first step.

Sen. Justin Wayne of Omaha said other states have changed their constitutions to address similar problems.

“Whether it’s Colorado, Arizona, Minnesota, I could keep going on and on,” he said.

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