Cutting and reforming taxes is key to growing Nebraska. Over the years, together, the Legislature and I have done the hard work needed to hold the line on taxes. Additionally, we have worked together to deliver over $840 million in property tax relief over four years.
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LINCOLN, Neb. – Cutting and reforming taxes is key to growing Nebraska. Over the years, together, the Legislature and I have done the hard work needed to hold the line on taxes. Additionally, we have worked together to deliver over $840 million in property tax relief over four years.
While this is significant, I’m continuing to make tax relief a top priority. Throughout the state, Senators and I hear stories of how high taxes are hurting Nebraskans. There’s one story that has really stuck with me: This fall, a farmer approached me at an event to let me know that his high property taxes had driven him to sell his farm, leave Nebraska, and move to Missouri.
Stories like this are reflected in how Nebraska ranks on taxes nationally. The Tax Foundation ranks Nebraska’s property taxes as 11th highest in the nation, which is the worst among surrounding states. The only surrounding state with an income tax higher than ours is Iowa. Right now, Iowa Governor Kim Reynolds and their Legislature are lowering their taxes. Additionally, Missouri just lowered their tax rates this month.
If we are going to remain competitive, Nebraska must take action to deliver tax relief for our farmers, ranchers, home owners, and small businesses. To accomplish this, Revenue Chairman Jim Smith and I are proposing the Nebraska Property Tax Cuts and Opportunity Act. This bill reforms our tax code to focus existing property tax relief on Nebraskans, fits within our existing budget, and sets up the state for future relief as our state’s economy grows. Our proposal has three major components.