This bill aims to regulate property tax increases in Nebraska by establishing a limit on how much property tax bills can rise from one year to the next. It introduces definitions for key terms such as "allowable growth percentage," which is defined as the lesser of the inflation rate or three percent, and "inflation rate," which is based on the Consumer Price Index for All Urban Consumers. The bill stipulates that the property tax bill for any parcel of real property cannot exceed the previous year's amount by more than the allowable growth percentage.

Additionally, the bill clarifies that this limitation does not apply if the increase in the property tax bill is a result of improvements made to the property. This legislation seeks to provide more predictable and manageable property tax increases for property owners while still allowing for adjustments based on inflation and property enhancements.