This bill amends several sections of Nebraska's revenue and taxation laws, specifically focusing on the valuation of property for tax purposes. It establishes that all real property, unless exempt, will be valued at fifty percent of its actual value. However, agricultural and horticultural land will be valued at thirty-seven and five-tenths percent of its actual value, a decrease from the previous seventy-five percent. For school district taxes related to bonds approved after January 1, 2027, this land will be valued at twenty-five percent of its actual value, down from fifty percent. The bill also introduces changes to the acceptable valuation ranges for agricultural land and other property classes, adjusting the percentages to reflect these new valuation standards.

Additionally, the bill modifies the process for certifying taxable values by school districts and the Property Tax Administrator, ensuring that adjusted valuations reflect the new valuation standards. The operative date for these changes is set for January 1, 2027, and the original sections of the law being amended will be repealed. Overall, the bill aims to harmonize property valuation practices and provide clearer guidelines for taxation in Nebraska.

Statutes affected:
Introduced: 77-201, 77-5023, 79-1016