This bill amends various sections of the Nebraska Revised Statutes to establish a new homestead exemption that will exempt the first one hundred thousand dollars of the actual value of homesteads from taxation, effective January 1, 2026. It aims to protect and expand the existing homestead exemption system, providing broader property tax relief to residents. The bill clarifies that the new exemption will be in addition to existing exemptions under sections 77-3506, 77-3507, and 77-3508. It also allows property owners to transfer their homestead exemption when acquiring a new homestead within the same year and requires property tax statements for exempt homesteads to clearly display the exemption amount and the tax that would otherwise be due.

Furthermore, the bill introduces several amendments related to the administration of homestead exemptions, including penalties for submitting false claims, which are classified as Class II misdemeanors. It outlines the responsibilities of the Tax Commissioner and county assessors in processing exemption applications and ensuring compliance with the new provisions. The bill also sets minimum amounts for property tax relief under the Property Tax Credit Act and the School District Property Tax Relief Act, with annual increases specified. It mandates that property tax credits be applied to reduce tax liabilities for qualifying property owners and repeals several existing statutes related to property tax exemptions and credits.

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