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Homestead Exemption Maximum Value

This guidance document is advisory in nature but is binding on the Nebraska Department of Revenue (Department) until amended. A guidance document does not include internal procedural documents that only affect the internal operations of the Department and does not impose additional requirements or penalties on regulated parties or include confidential information or rules and regulations made in accordance with the Administrative Procedure Act. If you believe that this guidance document imposes additional requirements or penalties on regulated parties, you may request a review of the document.

This guidance document may change with updated information or added examples. The Department recommends you do not print this document. Instead, sign up for the subscription service at revenue.nebraska.gov to get updates on your topics of interest.

Neb. Rev. Stat. § 77-3505.02   Maximum value, defined.  Maximum value shall mean:

(1) For applicants eligible under section 77-3507, two hundred percent of the average assessed value of single-family residential property in the claimant's county of residence as determined in section 77-3506.02 or ninety-five thousand dollars, whichever is greater; and

(2) For applicants eligible under sections 77-3508 and 77-3509, two hundred twenty-five percent of the average assessed value of single-family residential property in the claimant's county of residence as determined in section 77-3506.02 or one hundred ten thousand dollars, whichever is greater.

Source: Laws 1994, LB 902, § 29, Laws 1995, LB 483, § 3, Laws 1996, LB 1039, § 4,
Laws 1997, LB 182, § 3, Laws 2006, LB 968, § 14.

Neb. Rev. Stat. § 77-3506.03  Exempt amount; reduction; when; homestead exemption; limitation.

For homesteads valued at or above the maximum value, the exempt amount shall be reduced by ten percent for each two thousand five hundred dollars of value by which the homestead exceeds the maximum value and any homestead which exceeds the maximum value by twenty thousand dollars or more is not eligible for any exemption under sections 77-3507 to 77-3509.

Source:  Laws 1995, LB 483, § 1


Homestead valuation
exceeds maximum by:
Exempt amount
reduced by:
$           0  -  2,499     0%
     2,500  -   4,999   10%
     5,000  -   7,499   20%
     7,500  -   9,999   30%
   10,000  - 12,499   40%
   12,500  - 14,999   50%
   15,000  - 17,499   60%
   17,500  - 19,999   70%
$ 20,000 or more 100% (no exemption allowed)

Example 1.  Over age 65 category

Applicant’s homestead value
 - 
$ 200,000
County maximum exemption
 - 
$   97,550
County maximum value
 - 
$ 195,100
Over 65 applicant qualifies for 100% based on the income criteria
 
200,000 minus 195,100
 = 
4,900 over the maximum, so a 10% reduction
  97,550  times 0.10 (10%)
 = 
9,755 reduction
  97,550  minus 9,755
 = 
87,795 reduced exemption amount
  87,795  times 1.00 (100%)
 = 
87,795 homestead exemption value allowed per income limit

Example 2.  Disabled category

Applicant’s homestead value
 - 
$ 125,000
County maximum exemption
 - 
$   50,000
County maximum value
 - 
$ 110,000
Disabled applicant qualifies for 40% based on the income criteria
 
125,000 minus 110,000
 = 
15,000 over the maximum, so a 60% reduction
  50,000  times 0.60 (60%)
 = 
30,000 reduction
  50,000  minus 30,000
 = 
20,000 reduced exemption amount
  20,000  times 0.40 (40%)
 = 
8,000 homestead exemption value allowed per income limit

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