Nebraska Statutes 13-3403. Property tax request authority; calculation
(1) Except as otherwise provided in the Property Tax Growth Limitation Act, for fiscal years beginning on or after July 1, 2025, a political subdivision’s property tax request for any year shall not exceed its property tax request authority as determined under this section. The preliminary property tax request authority for each political subdivision shall be the amount of property taxes levied by the county board of equalization pursuant to section 77-1601 for such political subdivision in the prior fiscal year, less the sum of exceptions utilized in the prior year pursuant to section 13-3404.
Terms Used In Nebraska Statutes 13-3403
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(2) In addition to the preliminary property tax request authority, the political subdivision’s property tax request authority may be increased by the product of:
(a) The amount of property taxes levied in the prior year increased by the political subdivision’s growth percentage, less the sum of exceptions utilized in the prior year pursuant to subdivisions (1) and (2) of section 13-3404 ; and
(b) The greater of zero or the inflation percentage.