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 Nebraska Department of Revenue

Property Assessment Division

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September 13, 2013

Ruth A. Sorensen, Property Tax Administrator
402-471-5962, Mobile 402-430-8446

Real Property Tax Credit for Tax Year 2013

The State of Nebraska will offset a portion of real property taxes levied in 2013. The Property Tax Credit Act provides a real property tax credit based upon the valuation of each parcel of real property compared to the valuation of all real property in the state. The total amount of credit available for statewide distribution in 2013 is $115 million. The property tax credit will be shown on tax statements as a credit after the full taxes levied.

The real property tax credit determined for 2013 is $65.97 per $100,000 of valuation.

The rate of credit for each real property parcel is calculated by determining the state’s “uniform rate of credit.” The uniform rate of credit is determined by taking the $115 million real property tax credit and dividing by $174,325,264,970 (state’s total real property value eligible for credit), which equals .0006597 or $65.97 per $100,000 value.

The uniform rate of credit is then multiplied by the real property value of the parcel to determine the amount of tax credit for each parcel. For example:

$100,000 parcel value x .0006597 = $65.97

The real property tax credit is not a reduction in the levy or tax rate. The uniform rate of credit has no impact on the property tax rates set by political subdivisions. The real property tax credit will be reflected as a reduction in tax due on the 2013 tax statements.

The amounts of real property tax credit for 2013 are being certified to the State Treasurer and the counties today. Attached are two documents that show the amount of tax credits certified for each county and the real property value eligible for the property tax credit in each county.

Real property tax credit information can be found at www.revenue.nebraska.gov/PAD.

For more information, please see Property Assessment Directive 13-1.

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