The proposed constitutional amendment aims to modify Article VIII of the Nebraska Constitution by establishing a limit on ad valorem taxes for real property and introducing a new method for valuing such property for tax purposes. Specifically, it stipulates that starting January 1, 2027, the maximum ad valorem tax on real property shall not exceed one and one-half percent of its full cash value. The amendment also allows the Legislature to create different taxation methods for various classes of property, including tangible personal property, motor vehicles, and agricultural land, while ensuring that taxes are levied uniformly and proportionately across all classes. Additionally, it includes provisions for the allocation of tax proceeds to counties and local political subdivisions.

Furthermore, the amendment outlines exceptions to the tax limit, particularly for bonded indebtedness approved by voters before January 1, 2027, and for certain school district or community college projects that meet specific accountability requirements. It also provides guidelines for property valuation adjustments based on inflation or deflation and allows individuals over fifty-five years old, disabled individuals, or those affected by natural disasters to transfer the full cash value of their primary residence to a new property under certain conditions. The proposed amendment will be presented to Nebraska voters in the November 2026 general election for approval or rejection.