The proposed constitutional amendment aims to revise Article VIII of the Nebraska Constitution regarding property taxation. It introduces a new method for valuing real property, establishing two valuations for each parcel: fair market value and taxable market value. The amendment stipulates that property taxes on real estate cannot increase by more than a specified growth percentage from one year to the next, with certain exceptions. It also allows the Legislature to create distinct classes for different types of property, such as agricultural land and livestock, and to implement various taxation methods for these classes. Additionally, the amendment outlines provisions for the taxation of tangible personal property and motor vehicles, as well as the allocation of tax proceeds to local governments.

Furthermore, the amendment includes a provision for declaring emergencies, which can only be done by designated government officials. In the event of a financial need during an officially declared emergency, local taxing entities may conduct elections to authorize special bond levies, requiring a majority of registered voters to participate and a two-thirds majority to approve. The proposed amendment will be presented to Nebraska voters in the November 2026 general election, with the ballot language summarizing its key components and objectives.