Sen. Tom Briese of Albion launched laws Wednesday to restrict the annual progress of property tax will increase for native faculties to three p.c with allowances for inflation and exceptions for required well being, security and accessibility wants.
Underneath phrases of his LB987, the cap could possibly be overridden for 2 of three years so long as the annual improve over any three-year interval isn’t greater than 3%.
The invoice would additionally permit for a vote of the folks to override the cap.
“Escalating property taxes proceed to curtail financial progress throughout our state,” Briese stated, “and we should do one thing about it.”
Whereas the Legislature “has taken important steps to supply property tax aid throughout the previous few years,” Briese stated, “extra work is required.”
Property taxes have been rising at about 4.45% a 12 months, he stated, whereas wage progress has been lower than 2% yearly and inflation has averaged about 1.75% per 12 months throughout the previous 10 years.
“The established order is unacceptable,” Briese stated.
Gov. Pete Ricketts has beforehand signaled his intention to additionally suggest a cap on the annual improve at school property taxes.
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