Homestead Exemption Maximum Value
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Neb. Rev. Stat. § 77-3505.02 Maximum value, defined. Maximum value shall mean:
- 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
- For applicants eligible under section 77-3508, 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, Laws 2018, LB 1089, § 5.
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 for any exemption under section 77-3507 or 77-3508 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 section 77-3507 or 77-3508. This section shall not apply to any exemption under section 77-3506.
Source: Laws 1995, LB 483, § 1, Laws 2014, LB 1087, § 4, Laws 2018, LB 1089, § 8.
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
