The bill amends section 77-7305 of the Revised Statutes Supplement, 2025, concerning the School District Property Tax Relief Act. It establishes a structured increase in the minimum amount of property tax relief granted each year, starting from $750 million for tax year 2024 and increasing to $902 million for tax year 2029. Notably, for tax year 2030, the minimum relief amount will be calculated based on the previous year's minimum plus a percentage increase corresponding to the assessed value of all real property in the state, along with an additional $75 million. For tax year 2031 and beyond, the minimum relief will continue to be adjusted similarly, ensuring it reflects changes in property values.

Additionally, the bill outlines the process for determining property tax credits for individual parcels, the disbursement of funds to counties, and the management of the School District Property Tax Relief Credit Fund. It specifies that the county treasurer will calculate the property tax credit based on the ratio of school district taxes levied on the parcel compared to the total in the county. The bill also includes provisions for returning unused credits to the Property Tax Administrator and mandates that the disbursements to counties occur in two equal payments each year. The original section 77-7305 is repealed as part of this legislative update.

Statutes affected:
Introduced: 77-7305