The proposed constitutional amendment aims to modify Article VIII of the Nebraska Constitution by introducing a cap on ad valorem taxes for real property, setting the maximum rate at one and one-half percent of the property's full cash value starting January 1, 2027. The amendment also outlines various methods for taxing different types of property, including real estate, tangible personal property, and motor vehicles, while allowing the Legislature to establish distinct classes for agricultural land, livestock, and other property types. Additionally, it provides for the allocation of tax proceeds to counties and local political subdivisions and includes provisions for exemptions and special assessments related to bonded indebtedness.

Furthermore, the amendment specifies that the full cash value of real property will be determined by the county assessor's valuation and adjusted annually based on inflation or deflation rates. It includes provisions for individuals over fifty-five years old, those with disabilities, or victims of natural disasters to transfer the full cash value of their primary residence to a new property under certain conditions. The amendment also addresses the treatment of contaminated properties and establishes accountability requirements for bonded indebtedness approved by voters. The proposed amendment will be presented to Nebraska voters in the November 2026 general election for approval or rejection.