This bill proposes to limit the amount of property taxes that can be levied by political subdivisions in Nebraska, effective January 1, 2027. It establishes that the total property taxes levied in any year cannot exceed the amount levied in the previous year by more than a specified allowable growth percentage. This percentage is defined as the sum of two percent and the political subdivision's real growth percentage, which is calculated based on the increase in total property valuation due to various factors such as new construction, improvements, annexation, changes in property use, and increases in personal property valuation.

Additionally, the bill provides definitions for key terms related to the property tax limitations, including "allowable growth percentage," "real growth percentage," and "real growth value." These definitions clarify how the growth percentage is determined and what constitutes real growth in property valuation. The intent of the bill is to create a more predictable and manageable framework for property tax levies by political subdivisions, thereby providing financial stability for taxpayers.