LINCOLN- Property owners could get more than $3 billion worth of property tax relief over the next six years under a legislative package advanced by the Revenue Committee. LB243 advanced on a 7-0 vote with amendments to the full body. The amended bill, introduced by State Sen. Tom Briese of Albion, combines measures that would increase Nebraska’s two property tax credit programs, cap school property taxes and eliminate almost all community college property taxes.

The package represents the second major piece of Gov. Jim Pillen’s tax cut and school aid plan. The committee advanced a separate package of income tax cuts last week. A bill to make changes in state aid to K-12 schools is pending before the Education Committee. Briese, who has long targeted property taxes, said this year’s property tax package would offer “tax relief for everyday Nebraskans.”

LB243 and LB754 are expected to reduce the state tax revenues by at least $3.3 billion. Briese said he expected there may be some questions raised about whether the state can manage $6.6 billion or more of tax cuts over the next six years. But he expressed confidence in Nebraska’s ability to make those kind of tax changes, while keeping essential government services operating.

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