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Nebraska Real Property Tax Credit

Good news if you pay real property taxes in Nebraska! The State of Nebraska is providing property owners tax relief of a portion of real property taxes levied in 2021. The Nebraska Department of Revenue just released information on The Property Tax Credit Act (Act). The Act provides a real property tax credit based on the valuation of each parcel of real property compared to the valuation of all real property in the state. The credit is based on 100% of the taxable value, and 120% of taxable value for agricultural and horticultural land.

  • – Real property (non-agland) tax credit: $107.55 per $100,000 of valuation &
  • – Agland tax credit: $129.05 per $100,000 in valuation

There is $300 million available for this credit in 2021. Real property tax payers will see the relief on their 2021 tax statements as a credit that reduces the amount due. This does not have any impact on the tax rates set by the political subdivisions.