This legislative bill seeks to amend the Nebraska Revised Statutes concerning revenue and taxation, with a particular emphasis on enhancing the homestead exemption. It introduces a new exemption that will exclude the first one hundred thousand dollars of a homestead's actual value from taxation, effective January 1, 2026. The bill aims to protect and expand the current homestead exemption system, providing broader property tax relief to residents. Key amendments include clarifications on definitions, eligibility criteria, and application processes, as well as provisions for the transfer of exemptions between properties and ensuring that property tax statements accurately reflect these exemptions.

Additionally, the bill expands penalties for false claims regarding homestead exemptions, categorizing fraudulent claims as a Class II misdemeanor and imposing a two-year forfeiture of exemptions for offenders. It grants county assessors the authority to revoke exemptions for veterans if improperly granted, with an appeal process to the county board of equalization. The bill also mandates that county treasurers and assessors certify the total tax revenue lost due to exemptions and establishes a framework for distributing property tax credits and relief funds to qualifying property owners. The act will become operative on January 1, 2026, and will repeal 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