LINCOLN, Neb. (AP) - People who pay taxes on Nebraska land and buildings will get a tax credit of roughly $94 per $100,000 of valuation this year under the new state budget.
The Department of Revenue announced the rate Monday from the property tax credit fund. Lawmakers and Gov. Pete Ricketts approved $408 million over two years for the fund during this year’s legislative session.
Under the formula, the owner of a $150,000 home will get a $141 credit. The credit is applied to the property taxes that are owed to local governments.
Of the $204 million available this year, Douglas County residents will receive the largest share with $36.3 million. Lancaster County will get nearly $21 million.
The department says nearly $217 billion in real Nebraska property value is eligible for the credit.