LINCOLN - Property taxes are figured by multiplying the value of your property by the tax rate set by local governments, including schools. Sen. Lou Ann Linehan’s latest proposal would lower residential and commercial valuations in calculating school property taxes, from 100 percent of market value to 95 percent in the first year, then to 90 and 85 the next two years. Meanwhile ag land would go from 75 percent of market value now, to 65 percent the first year and 55 percent the second.

In an interview with NET News, Linehan described what she’s trying to accomplish.

“The basic idea: over three years we reduce property taxes significantly by reducing valuations and increasing school aid significantly,” she said.

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