LINCOLN — Nebraska ended its fiscal year with a historic spike in revenue that will mean record relief for property taxpayers next year.

The State Department of Revenue reported Thursday that Nebraska collected $5.959 billion in taxes in the year that ended June 30. That’s up more than $1 billion compared with the previous fiscal year — a 20.6% boost.

As a result, the state’s new property tax relief program will more than quadruple in size, growing from $125 million in the just-ended fiscal year to $548 million in the current year. The program provides income tax credits to Nebraska property owners to offset a portion of their school property tax bills.

Through the program, property taxpayers got back about 6% of their school tax bill when they filed their 2020 income taxes. The year-end state revenue figure means that those same property owners will get credits equal to about a quarter of school property taxes when they file their 2021 income taxes.

Gov. Pete Ricketts celebrated the news, which means that the state would provide almost $1 billion worth of property tax relief in the current fiscal year. In addition to the new program, the state will provide $300 million through a longstanding separate property tax credit program and $104 million through a homestead exemption program benefiting low-income elderly and disabled homeowners.

“Nebraskans weathered the pandemic with grit and determination,” he said in a statement. “Our economy has powered through the uncertainty of the last year, and that is resulting in significant growth in state revenues. Thanks to (Legislative Bill) 1107, which I signed into law last year, higher state revenues have created record property tax relief for our farmers, ranchers, homeowners and small businesses.”

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