Published On: Fri, May 12th, 2017

Property tax reform bill interrupts budget bill

LINCOLN–Senators made it clear Thursday that property tax reform is still a high priority.
The legislature continued debate on legislative bill 332, a budget bill introduced by Speaker Jim Scheer of Norfolk at the request of Gov. Pete Ricketts, would provide for transfers to and from the cash reserve fund.
The bill is straightforward; the introduced copy only has four pages of content. However, Sen. Bob Krist of Omaha proposed an amendment that would add the Agricultural Valuation Fairness Act to the budget bill.
This property tax amendment would value agricultural and horticultural land at the land’s income potential. Many states already use this type of ag land valuation. It is also similar to Sen. Lydia Brasch of Bancroft’s priority bill.

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