Property Tax Relief Bill Advances On Cloture Vote by Nebraska Lawmakers

LINCOLN–(KFOR Aug. 14)–A bill carrying the property tax relief plan advanced from the first round of debate on Tuesday evening.

LB 34 would phase in levy limits on schools to 40 cents per $100 of valuation starting next year and a new plan was offered that creates the School District Property Tax Relief Credit Fund, which Nebraska lawmakers could put $750 million into the 2024-25 fiscal year and be distributed to counties to subsidize property tax relief. Annual transfers into the fund increase could be up to $870-million in fiscal year 2028-29. 34 senators voted for cloture on LB 34, ending the first round of debate.

The bill was then advanced to enrollment and review with 36 votes, before senators adjourned for the day. Lawmakers on Wednesday are expected to talk about two more bills that would help appropriate the money for LB 34.