Property owners in the state may not receive a yellow postcard announcing their tax credit this December, but the Department of Revenue says they will get the relief.
“That was the first time that we had sent the postcards,” Ruth Sorensen, state property tax administrator, tells Nebraska Radio Network. “I’m not sure if that’s going to be sent again, because now more people are fully aware that it is listed on their tax statement and they can see the amount of the credit there.”
The 2016 credit amount is $89.57 per $100,000 of valuation. The 2015 amount was $94.09 per $100,000.
“We’ll see a slight decline each year, if the property tax credit amount remains the same, and if the (state’s total) valuation continues to increase,” Sorensen explains.
While property values went up, the amount available in the state’s Property Tax Relief Fund remained unchanged at $204 million – the same as in 2015.
The Unicameral and governor hammer out the amount of the tax fund during biennial budget negotiations.
“They will see the real property tax credit amounts on the tax statements they receive in December this year,” Sorensen says. “Technically, the taxes are due and payable on December, 31st. However, they do not become delinquent until in 2017.”
An additional $20 million in property tax relief lawmakers set aside this year for agricultural land will not be available until next year.
AUDIO: Mike Loizzo reports [:43]