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September 9, 2016

Ruth A. Sorensen, Property Tax Administrator

Real Property Tax Credit for Tax Year 2016

The State of Nebraska is providing property owners tax relief of a portion of real property taxes levied in 2016. 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 2016 is $204 million. The real property tax credit will be shown on tax statements as a credit after the full taxes levied.

The real property tax credit determined for 2016 is $89.57 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 $204 million real property tax credit and dividing by $227,744,774,746 (state’s total real property value eligible for credit), which equals .0008957 or $89.57 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 .0008957 = $89.57

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 property tax credit will be reflected as a reduction in real property tax due on the 2016 tax statements.

The amounts of real property tax credit for 2016 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 revenue.nebraska.gov/PAD, see Property Assessment Directive 15‑4.

Please note, beginning tax year 2017, Neb. Laws 2016, LB 958, will provide $20 million of additional funding for real property tax credit relief that will be allocated as if agricultural and horticultural land, and agricultural and horticultural land receiving special valuation, were valued at 120% of their taxable value.

“Working with the Legislature, we have been able to deliver over $408 million worth of property tax relief over the last two years. This is meaningful property tax relief for Nebraska families, and I will continue to support structural relief,” said Governor Pete Ricketts.



Ruth A. Sorensen
Property Tax Administrator

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