LINCOLN- Nebraska lawmakers are considering a freeze on property valuations as a backup plan during a special legislative session focused on tax reform. This measure, proposed by State Senator Tom Brewer, aims to temporarily halt increases in property valuations for four years to provide immediate relief and buy time for more comprehensive tax solutions. Another proposal by State Senator Tom Brandt would significantly increase income tax credits, adding up to $1.16 billion in refundable credits to ease the burden on taxpayers.

Omaha legislators, such as State Senators Mike McDonnell, John Cavanaugh, and Kathleen Kauth have all drafted more targeted bills to address the drastically rising property valuations in the state. McDonnell's Legislative Resolution 24CA would create a different method of taxing residential property, similar to how agricultural land is valued. Cavanaugh's Legislative Bill 22 would exempt the first $100,000 of a homestead's valuation, providing direct and immediate relief to the state.

If the primary proposals in the special session fail, backup plans, such as Brewer's property valuation freeze, are seen as essential stopgap measures. These interim solutions aim to prevent the session from ending without any actionable relief for taxpayers. Brewer, who will be leaving the legislature due to term limits, views these measures as necessary to maintain momentum for future legislative efforts in property tax reform. “Do we want to leave the session with nothing? Or do we want to have something that might get us closer?” said Brewer.

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