LINCOLN, Neb. (AP) – Nebraska homeowners and farmers will get a slightly bigger tax credit this year to reduce what they would otherwise have to pay on their property tax bills.
The Nebraska Department of Revenue announced Thursday that homeowners will get a credit of $104.15 for every $100,000 in taxable value, an increase of nearly $18 from last year.
Owners of agricultural land will get a credit of $124.98 for every $100,000 in taxable value, an increase of more than $21. For the owner of a $1 million farm, that would mean a savings of nearly $1,250.
Lawmakers and Gov. Pete Ricketts boosted the tax credit earlier this year.
The credit doesn’t guarantee property taxes won’t go up, but it ensures property owners won’t have to pay as much as they otherwise would.