This bill amends various sections of the Nebraska Revised Statutes to establish a new homestead exemption, which will exempt the first one hundred thousand dollars of the actual value of homesteads from taxation, effective January 1, 2026. It clarifies that homesteads will be assessed for taxation similarly to other properties, while ensuring that existing exemptions under sections 77-3506, 77-3507, and 77-3508 remain in effect. The legislation also expands definitions and eligibility criteria for homestead exemptions, allowing property owners who temporarily leave their homes for health or legal reasons to retain their exemption status, and outlines the application process for transferring exemptions when acquiring a new homestead.

Additionally, the bill introduces penalties for individuals submitting false claims for exemptions, categorizing such actions as Class II misdemeanors, and establishes a process for revoking exemptions for veterans if their eligibility changes. It mandates that county treasurers and assessors certify the total tax revenue lost due to exemptions and provides a reimbursement framework for counties based on these certifications. The bill also sets minimum amounts for property tax relief under the Property Tax Credit Act and the School District Property Tax Relief Act, ensuring that property owners qualifying for homestead exemptions are eligible for property tax credits. The act will become operative on January 1, 2026, and repeals several existing statutes related to property tax exemptions and relief.

Statutes affected:
Introduced: 77-3501, 77-3505.06, 77-3506.03, 77-3509.01, 77-3509.03, 77-3510, 77-3511, 77-3512, 77-3513, 77-3514, 77-3516, 77-3517, 77-3521, 77-3522, 77-3523, 77-3529, 77-4212, 77-7305