Nebraska Governor Ricketts Highlights Record-Setting $2.2 Billion in Property Tax Relief & Aid
Gov. Ricketts Highlights Record-Setting $2.2 Billion in Property Tax Relief & Aid from the State to Local Governments
LINCOLN, NE (STL.News) Today, Governor Pete Ricketts issued a statement following a new report from the Nebraska Department of Revenue showing that the State of Nebraska provided $2.231 billion in property tax relief and aid to local government agencies over the last year.
“The State of Nebraska continues to substantially increase property tax relief and state support for local governments,” said Governor Ricketts. “These resources helped offset a portion of local property taxes, which continue to be a burden for working Nebraskans. Thanks to continued collaboration with the Legislature, Nebraskans will experience another significant jump in relief next year as new tax credits from LB 1107 take effect.”
QUICK FACTS ABOUT PROPERTY TAX RELIEF & AID TO LOCAL GOVERNMENTS
- In the last five years, aid to local governments has grown from $1,790,710,384 in 2014-15 to $2,231,488,445 in 2019-20.
- In the most recent legislative session, Governor Ricketts and the Legislature worked together to approve a $650 million property tax relief package.
- In the last six years, the Governor and Legislature have successfully worked together to nearly double the property tax credits delivered under the Property Tax Credit Act.
Local government includes school districts, cities, counties, and other political subdivisions. Aid from the state budget to local governments is funded by state income and sales tax revenues and other miscellaneous revenue sources. Collectively, the aid helps provide property tax relief and eases the burden on local government budgets and property tax bills paid by local taxpayers.
A detailed report can be found by clicking here.