Property Tax Reform: We Need to do More
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This week, I signed into law a series of bills, including those that will provide funding for property tax relief. The main bill, LB34, includes caps on local spending authority for cities and counties. LB34 also frontloads the Property Income Tax Credit to property tax statements. This means Nebraskans will no longer loan the government money. They will see a direct decrease in taxes paid. That step alone will allow 45 percent of Nebraskans to receive a 20 percent tax savings that they have never realized. That’s a big win.