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Nebraska Farm Bureau Submits Plan to Reduce Property Taxes
(KTNC) - The Nebraska Farm Bureau has submitted a three-year plan to a state legislative committee calling for a reduction in property taxes. Farm Bureau President Steve Nelson the plan would cut agricultural land values from the current 75% to 65% and direct more money to the property tax credit program. He says Nebraska's property taxes account for 45-percent of all taxes collected and in the first year their plan calls for cutting that to 40-percent.
In the second year, Nelson says the plan calls for removing all community colleges from the property tax rolls, reducing the personal property tax on ag commercial and ag industrial equipment and expanding the homestead exemption to all homeowners. Down the road, the proposal calls for broadening the tax base, primarily by expanding sales taxes.
Nelson says the property tax savings in the first year would amount to $160-million, with $300-million saved in the second year and more than $400-million in the third year and each year after.
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