Real Property Tax Credit for Tax Year 2018

LINCOLN, NEB. — The State of Nebraska is providing property owners tax relief of a portion of real property taxes levied in 2017. The Property Tax Credit Act (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 2017 is $224 million. The Act, as amended by Neb. Laws 2016, LB 958, requires allocation of the credit monies as if agricultural and horticultural land, and agricultural and horticultural land receiving special valuation, were valued at 120% of its taxable value. For all real property other than agricultural land, the credit allocation valuation means 100% of the taxable value.