Bill Summary – FastDemocracy

LB39                                                                       LB39
                                                                     2024
                               LEGISLATURE OF NEBRASKA
                            ONE HUNDRED EIGHTH LEGISLATURE
                                FIRST SPECIAL SESSION
                       LEGISLATIVE BILL 39
       Introduced by Kauth, 31.
       Read first time July 29, 2024
       Committee: Revenue
  A BILL FOR AN ACT relating to revenue and taxation; to amend section
      77-3506.03, Reissue Revised Statutes of Nebraska, as amended by Laws
      2024, LB126, section 4; to change provisions relating to homestead
       exemptions; to provide an operative date; and to repeal the original
       section.
   Be it enacted by the people of the State of Nebraska,
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LB39                                                                                            LB39
                                                                                          2024
      Section 1. Section 77-3506.03, Reissue Revised Statutes of Nebraska,
  as amended by Laws 2024, LB126, section 4, is amended to read:
      77-3506.03 (1) Except as provided in subsection (2) of this section,
   for homesteads valued at or above the maximum value, the exempt amount
   for any exemption under section 77-3507 or 77-3508 shall be reduced by
   ten percent for each two thousand five hundred dollars of value by which
   the homestead exceeds the maximum value and any homestead which exceeds
   the maximum value by twenty thousand dollars or more is not eligible for
   any exemption under section 77-3507 or 77-3508.
       (2)(a) For homesteads valued at or above the maximum value, the
   exempt amount shall not be reduced and the homestead shall be remain
   eligible for an   exemption under section   77-3507    or   77-3508      for the
   current year if the homestead:
       (i) Received an exemption under section 77-3507 or 77-3508 in the
   previous year or in calendar year 2022, 2023, or 2024;
       (ii) Was valued below the maximum value plus twenty thousand dollars
   in such previous year; and
       (iii) Is not ineligible for an exemption under section 77-3507 or
  77-3508 for any reason other than as provided in subsection (1) of this
  section.
       (b)    If    a homestead remains eligible for an    exemption under
   subdivision (a) of this subsection for any year, the homestead shall
   continue to be eligible for each year thereafter unless the homestead is
   not eligible for such exemption for any reason other than as provided in
   subsection (1) of this section.
      (c) The percentage of the exempt amount for a homestead for any year
   such homestead is valued at or above the maximum value and is remains
   eligible for exemption under this subsection shall be   equal to   the
  percentage of the exempt amount for the homestead in the last year the
  homestead received an exemption under section 77-3507 or 77-3508 and was
  valued below the maximum value plus twenty thousand dollars.
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LB39                                                                                          LB39
                                                                                        2024
       (d) If the homestead's increase in value from the previous year to a
  value at   or above the maximum value is   due to   improvements to   the
  homestead, this subsection shall not apply to such homestead.
      (3) This section shall not apply to any exemption under section
  77-3506.
      Sec. 2.       This act becomes operative on January 1, 2025.
       Sec. 3.       Original section 77-3506.03, Revised Statutes Supplement,
   2023, as amended by Laws 2024, LB126, section 4, is repealed.
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Statutes affected: 
Introduced: 77-3506.03