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 also includes provisions for transferring exemptions when property owners acquire new homesteads and outlines the responsibilities of county assessors in processing exemption applications. Additionally, it introduces penalties for individuals who submit false claims for exemptions, classifying such offenses as a Class II misdemeanor.

The legislation further details the enforcement and administration of homestead exemptions and property tax relief, allowing county assessors to revoke exemptions for veterans if improperly granted, with an appeal process to the county board of equalization. It mandates that county treasurers and assessors certify the total tax revenue lost due to exemptions, including those under the new section. The bill also specifies minimum amounts of 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 additional property tax credits. The act will repeal several existing statutes related to property tax exemptions and relief, with the new provisions set to take effect on January 1, 2026.

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