LINCOLN — Like in last year's address, property taxes were a top priority in the 2024 State of the State address.
Pillen's plan can be broken down into a simple math equation.
Without any changes Nebraska’s is estimated to collect roughly 5 billion dollars in property taxes this year.
Then comes the property tax relief in the form of several tax credits.
Last year lawmakers passed a bill prevent community colleges from levying property taxes, opening up around $250 million dollars for tax relief.
Pillen then hopes to front load existing 30% school tax credits. This means the credit would be applied to your property tax bill, rather than claiming it later when filing income taxes. Pillen estimates this would open up $750 Million dollars.
Then he hopes a new bill, introduced by Senator Dover, that looks to repurpose existing tax credits will add another billion dollars.
Leaving Nebraska collecting $3 billion in property taxes
“This crisis is not new. It’s been hurting Nebraska’s farmers, ranchers, homeowners and businesses for most of all of our lifetimes in this chamber. High property taxes hurt every Nebraskan in every single part of our state," said Pillen.
Those tax cuts aren’t coming for free.
At a briefing Wednesday Pillen shared that he still plans to aggressively go after tax exemptions, saying everything but groceries are on the table.
He is also still mulling over a sales tax increase. When asked whether that increase would be the 2% proposed earlier this year or a lower amount Pillen wouldn’t say.
It will be up to the Unicameral to make these changes happen as they consider Pillen's priorities in their short session
