Nebraska Farm Bureau, Governor Ricketts reminds Nebraska residents to claim their property tax relief credit

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LINCOLN, NEB. – The Nebraska Farm Bureau (NEFB) and Governor Pete Ricketts remind Nebraskas to claim their property tax relief through the state’s refundable income tax credit based on property taxes paid to K-schools 12. Governor Ricketts and the Nebraska Farm Bureau were strong advocates for the Legislature’s passage of LB 1107 in 2020, which established the new credit to provide property tax relief to homeowners.

“LB 1107 has provided historic property tax relief to workers in Nebraska,” Governor Ricketts said.

Nebraska Farm Bureau President Mark McHargue said those who didn’t know or chose not to claim the credit last year can still do so. They’ll want to take a closer look when filing their taxes this year, due to the significant increase in state dollars allocated for tax relief in 2021. Last year, on average, Nebraskans could s expect to see a tax relief equivalent to 6% of the property taxes they paid to K-12 schools through the credit. This year, that tax relief amounts to more than 25%.



“We estimate that, on average, the tax credits will amount to $718 per household in property tax relief for homeowners,” McHargue said. “To determine the value of the credit to you, simply enter your property tax bill, find the amount of taxes you paid to local schools based on the property you own, such as your home, farm or your business enterprise, and multiplying that amount by 25 percent.

The Nebraska Farm Bureau has developed a three-step guide to help Nebraskas claim the credit, which is available on the Nebraska Farm Bureau website at http://www.nefb.org. Nebraska residents can also visit the Nebraska Department of Revenue website at revenue.nebraska.gov for more information.



“Property tax relief continues to be one of my top priorities as governor, and that priority is shared by the Nebraska Farm Bureau. Although we want Nebraskanians to claim the credit and get their relief tax, there is still work to be done,” said Ricketts.

The Nebraska Legislature is currently considering legislation (LB 723) introduced by Senator Tom Briese of Albion to ensure that the amount of state dollars allocated to the refundable income tax credit for property taxes paid to schools remains at or near its current funding levels and will only return to a lower amount in future years. The Legislature is currently spending $548 million to fund the tax relief program.

“I encourage the people of Nebraska to let their state senator know that property tax relief must remain a top priority and that means making sure funding for this tax relief program continues to grow. , not back down,” Ricketts said.

Echoing the governor’s support, McHargue noted that Nebraskanians can also help protect state property tax relief by encouraging their peers in local government and school boards to limit spending, especially in areas where real estate valuations have increased significantly. create a windfall allowing these entities to collect more property taxes.

“Controlling spending at the local level is essential to reducing property taxes and preventing the erosion of the property tax relief that the Legislative Assembly has provided through the tax credit for property taxes paid to schools,” McHargue said. “We look forward to continuing to work with Governor Ricketts, the Legislature and local elected officials to provide property tax relief to the people of Nebraska.”

The Nebraska Farm Bureau is a local, statewide organization dedicated to supporting farming and ranching families and working to benefit all Nebraskas through a wide variety of educational, service and and advocacy. More than 55,000 families across Nebraska are members of the Farm Bureau, working together to achieve rural and urban prosperity because agriculture is a key fuel for Nebraska’s economy. For more information on the Nebraska Farm Bureau and agriculture, visit http://www.nefb.org.

Nebraska Agricultural Bureau

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