LINCOLN- Lowering local property taxes was a top priority for the governor and state lawmakers this year. The Nebraska Department of Revenue announced the property tax credit for 2020 will be lower than this previous year. The credit will amount to $102.21 for each $100,000 of valuation on a home or business. The credit for agricultural land will be $122.64 for each $100,000 in valuation. This is about a $2 decrease of each figure from the property taxes paid in 2020.

The state has a new state income tax credit that will further defray the property tax bills of Nebraskans, however this will not come to fruition for three to five years if the economy continues to grow. It will provide $125 million in income tax credits or less than half of the current devotion to property tax credits.

Read the full article by clicking HERE