Homestead Exemption Maximum Value

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: $0  -  2,499
Exempt amout reduced by: 0%

Homestead valuation exceeds maximum by: $2,500-$4,999
Exempt amout reduced by: 10%

Homestead valuation exceeds maximum by: $5,000 -$7,499
Exempt amout reduced by: 20%

Homestead valuation exceeds maximum by: $7,500 -$9,999
Exempt amout reduced by: 30%

Homestead valuation exceeds maximum by: $10,000 -$12,499
Exempt amout reduced by: 40%

Homestead valuation exceeds maximum by: $12,500-$14,999
Exempt amout reduced by: 50%

Homestead valuation exceeds maximum by: $15,000-$17,499
Exempt amout reduced by: 60%

Homestead valuation exceeds maximum by: $17,500-$19,999
Exempt amout reduced by: 70%

Homestead valuation exceeds maximum by: $20,000 or more
Exempt amout reduced by: 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: $97,550

County maximum value: $110,000

Over 65 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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