OpenSky Policy Institute Executive Director Renee Fry writes that valuing agricultural land at a lower rate would cause large revenue shortfalls for schools and other localities while treating taxpayers disparately.
Regarding tax and budget developments in the recently completed Legislative Session, measures such as the new personal property tax exemption, tax exemptions for Nebraska’s zoos and Woodmen of the World, increasing the Property Tax Credit Fund and the gas tax increase received the most attention.
Read an update from a busy week in the Unicameral.
Our policy brief that analyzes LB 350 and LB 293 -- proposals to tax agricultural land at a lower rate -- has been updated with data from the Nebraska Department of Education final 2015-2016 state aid certification.
Read about which prioritized bills OpenSky will focus on throughout the remainder of the 2015 Legislative Session.
We greatly appreciate the intent of these bills to provide reductions in property taxes. However, we would advocate, instead, for more systemic property tax reform, as opposed to injections of funding into the Property Tax Credit program.
Last week was busy on the Nebraska tax and education policy front as OpenSky testified on issues such as funding for school construction, property tax reliance, income tax cuts, sales tax increases and the use of online sales tax revenue.
Nebraska’s property tax imbalance must be addressed for the good of the state and its residents. But it’s also vital to make sure our schools are adequately funded. LB 280 accomplishes both.
Read answers to frequently asked questions about LB 280’s impact on school finance.
Learn what LB 280 will mean for Nebraska's taxpayers.