NTF issue paper: legwatch336.doc. 8-24.
NEBRASKA TAXPAYERS FOR FREEDOM ISSUE PAPER:
LEGISLATIVE RESOLUTION 2CA WILL HELP HOMEOWNERS.
BACKGROUND. State Sen. Tom Brandt during the Special Session of the Legislature introduced LR2 CA, a constitutional amendment to make residential property of primary owners a separate and distinct class of property regarding property taxation. This amendment would eliminate the state legislation that mandates that residential property valuation set at between 92% and 100% of market value to determine its property tax. Agricultural property currently taxed at 75% of market value via a voter-approved amendment passed in 1984. A future legislature could set residential valuations at 85% or lower, matching historic NE valuation percentages.
ITS PROGRESS. All 8 senators on the Revenue Comm., Albrecht, Bostar, Dungan, Kauth, Linehan, Meyer, Murman, and von Gillern advanced LR2 CA to General File. The next vote by 32 to 14 advanced it to Select File. It failed to pass to Final Reading. If passed, the constitutional amendment would have gone on the November, 2024 ballot but only if accompanied by a companion bill that allows a vote at that time, because the current deadline for legislators to submit constitutional amendments is 4 months prior to an election. 40 votes needed for that bill. Minnesota and 18 states already value owner-occupied housing differently from other property. Passing the amendment would have allowed state senators to tell their constituents prior to the fall election that they offered real tax relief. Constitutional amendments require 30 state senators instead of a simple majority for approval, but the vote to advance the resolution failed, 26-16.
TAKE ACTION NOW. This amendment would have provided real property tax relief by deflating our current high market valuation formula used to set property taxes. Using the information above, lobby your state senator to pass such legislation in the next legislative session in order to alleviate our burdensome yoke of property valuation. Email netaxpayers@gmail.com for state senator contact information and join our NTF Legislature Watch Project.
Research, documentation, and analysis for this issue paper done by Nebraska Taxpayers for Freedom. This material copyrighted by Nebraska Taxpayers for Freedom, with express prior permission granted for its use by other groups in the NE Taxpayer Coalition Network. 8-24. C